(Vancouver) Lululemon’s stock was up more than 10% Wednesday morning after the exercise wear retailer posted net income up 30% in its fourth quarter compared to the same period. one year earlier.
The retailer’s stock took US$46.96 to US$367.27 on the US NASDAQ market.
Lululemon on Tuesday reported after market close net income of $119.8 million, or 94 cents per share, for the quarter ended Jan. 29. In particular, the company recorded an after-tax impairment charge and other charges related to its Mirror business, totaling US$442.7 million.
By comparison, Lululemon had net income of US$434.5 million, or US$3.36 per share, for the same period last year.
On an adjusted basis, the company earned earnings of US$4.40 per share for its most recent quarter, compared with adjusted earnings of US$3.37 per share a year earlier.
Net revenue for the quarter totaled $2.77 billion, down from $2.13 billion a year earlier.
In its outlook, Lululemon said it expects revenue for the first quarter of the current fiscal year to be between $1.89 billion and $1.93 billion. Earnings per share are expected to be between US$1.93 and US$2.00.