>>> lululemon athletica beats by $0.04, beats on revs--> +6.8% Pre open

--> LULU +6.8% Pre market only 2k shares traded bid / offer 41/41.99

lululemon athletica beats by $0.04, beats on revs; guides Q EPS in-line, revs in-line; guides FY15 EPS in-line, revs above consensus

Reports Q2 (Jul) earnings of $0.33 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 13.4% year/year to $390.7 mln vs the $376.8 mln consensus.
Metrics:
  • LULU reports Q2 comps of 0% (flat) vs down low-to-mid single digits prior guidance and -2.7% estimate. Comparable store sales for the second quarter decreased by 5% on a constant dollar basis and direct to consumer revenue increased 30% on a constant dollar basis.
  • LULU reports Q2 gross margin of 50.5% vs 50-51% prior guidance and ~50.5% estimate
Guidance:
Q3
  • Co issues in-line guidance for Q, sees EPS of $0.36-0.38 vs. $0.38 Capital IQ Consensus Estimate; sees Q revs of $420-425 mln vs. $422.07 mln Capital IQ Consensus Estimate.
  • LULU sees Q3 comparable store sales increase in the low single digits vs +1.8% estimate

FY15
  • Co issues upside guidance for FY15, sees EPS of $1.72-1.77 vs. $1.74 Capital IQ Consensus Estimate; sees FY15 revs of $1.78-1.80 bln vs. $1.78 bln Capital IQ Consensus Estimate.
  • LULU sees FY15 comparable store sales of increase in the low single digits vs +low single digits and +2% estimate