Lululemon Athletica Inc. (NASDAQ: LULU) shares rose on the first day of June, after the company reported better-than-expected results for its first quarter.
The Vancouver, B.C.-based athletic wear company reported Thursday that net revenue was $649.7 million, an increase of 25% compared to the first quarter of fiscal 2017. On a constant dollar basis, net revenue increased 23%. Gross profit was $344.7 million, an increase of 34% compared to the first quarter of fiscal 2017. Gross profit increased 31% compared to adjusted gross profit for the first quarter of fiscal 2017.
Income from operations was $104.3 million, an increase of 130% compared to the first quarter of fiscal 2017. Income from operations increased 65% compared to adjusted income from operations for the first quarter of fiscal 2017.
The Company ended the first quarter of fiscal 2018 with $966.6 million in cash and cash equivalents compared to $698.3 million at the end of the first quarter of fiscal 2017. Inventories at the end of the first quarter of fiscal 2018 increased 23% to $373.4 million compared to $303.9 million at the end of the first quarter of fiscal 2017.
The Company ended the quarter with 411 stores.
Board Chair Glenn Murphy commented: "This successful start to the year reaffirms our strategic priorities and I would like to thank our team for their passion and commitment to connecting with guests around the world."
Shares in the company skyrocketed $15.82, or 15.1%, to $120.87 late morning on Friday
Shares in the company skyrocketed $15.82, or 15.1%, to $120.87 late morning on Friday
