June 11, 2009 / 12:16 PM / in 8 years

UPDATE 2-Lululemon posts lower profit, sees flat quarter

* EPS $0.09 vs year-earlier $0.12

* Revenue up 6 pct at $81.7 mln

* Sees Q2 revs at $85 million to $90 million

* Sees Q2 EPS of 8 cents to 9 cents

* Shares drop 11 pct (Updates stock price. In U.S. dollars)

TORONTO, June 11 (Reuters) - Lululemon Athletica LLL.TO, a retailer of trendy yoga and workout wear, reported lower quarterly earnings on Thursday and said it expects profit to be flat in the current quarter because of the troubled economy, sending its shares down more than 11 percent.

Earnings fell to $6.5 million, or 9 cents a share, in the company’s first quarter, ended May 3, from $8.5 million, or 12 cents a share, a year earlier.

Revenue rose 6 percent to $81.7 million, while same store sales fell 8 percent.

The results topped the forecasts of analysts, who on average were expecting profit of 8 cents a share before items, and revenue of $74 million.

They also exceeded Lululemon’s own forecasts. In late March, it forecast revenue for the quarter to be $70 million to $75 million, with earnings per share of 7 cents to 8 cents.

The company’s shares, which have dropped by half in the past year, were down 11 percent at C$14.95 on the Toronto Stock Exchange on Thursday morning.

Lululemon forecast second-quarter revenue of $85 million to $90 million, with earnings per share of 8 cents to 9 cents.

It expects same store sales, a measure of the performance of stores open for at least one year, to “decline in the middle-single digits.”

$1=$1.10 Canadian Reporting by Scott Anderson; editing by Peter Galloway

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