Lululemon Q4 profit soars 80 per cent, beating analyst expectations

BUSINESS

Lululemon Q4 profit soars 80 per cent, beating analyst expectations

The Canadian Press Published Wednesday, March 27, 2019 5:20PM EDT

Lululemon Athletica's logo is seen on the outside of their flagship store on Robson Street during its grand opening in downtown Vancouver, B.C., on Thursday August 21, 2014. (THE CANADIAN PRESS/Darryl Dyck)

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VANCOUVER -- Lululemon Athletica Inc.'s profit surged more than 80 per cent in its most recent quarter, blowing past analysts expectations.

net income of US$218.47 million for the fourth quarter ended Feb. 3, 2019, up 82 per cent from $119.76 million in the same quarter the previous year.

The athletic apparel retailer says earnings per share amounted to $1.85, up from $1.33 in the fourth quarter of the previous year.

Analysts surveyed by Thomson Reuters Eikon expected earnings per share of $1.74.

The company says net revenue was $1.17 billion for the quarter, up nearly 26 per cent from the same quarter the previous year when it reported $928.8 million.

Lululemon says its board of directors approved an additional stock repurchase program for up to $500 million of its common shares.