Lululemon Athletica Inc. (LULU) reported that its fourth-quarter net income attributable to the company rose to $109.4 million or $0.75 per share, from $73.5 million or $0.51 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenue for the quarter increased 31% to $485.5 million from $371.5 million in the fourth quarter of fiscal 2011. Twenty two had consensus revenue estimate of $482.10 million for the quarter. Comparable stores sales for the fourth quarter increased by 10% on a constant dollar basis.
For the first quarter of fiscal 2013, the company expects net revenue to be in the range of $333 million to $343 million based on a comparable-store sales percentage increase between 5% and 8% on a constant-dollar basis. Earnings per share are expected to be in the range of $0.28 to $0.30 for the quarter. Analysts expect the company to report earnings of $0.40 per share on revenues of $344.99 million for the first-quarter.
The first quarter outlook reflects its current expectations of the impact from the black Luon issue, including lost revenue in the range of $12 million to $17 million, additional costs expected to be incurred and the write down of affected product on hand and expected to be received during the first half of 2013, resulting in a negative impact on earnings per share of $0.11 to $0.12.
For fiscal 2013, the company expects net revenue to be in the range of $1.615 billion to $1.640 billion and earnings per share of $1.95 to $1.99. Analysts expect the company to report earnings of $2.17 per share on revenues of $1.67 billion for fiscal 2013.
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