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Lululemon shares tick higher premarket after upping fourth quarter profit and revenue guidance ranges

Last updated: 07:45 08 Jan 2018 EST, First published: 02:45 08 Jan 2018 EST

Yoga
The yoga-gear maker, attributed this to the accelerating trends during the holiday season.

Lululemon Athletica Inc.(NASDAQ:LULU) shares were higher in premarket trade after it hiked its fourth quarter profit and revenue guidance ranges.

The yoga-gear maker, attributed this to the accelerating trends during the holiday season.

Same store sales seen rising in 'high single digits'

In a statement, the company said it is now targeting an adjusted earnings per share of US$1.25 to US$1.27, up from its previous guidance of US$1.19 to US$1.22.

It also upped its revenue outlook to US$905mln to US$915mln from US$870mln to US$885mln, with same-store sales expected to increase in the "high single digits" rather than the "mid-single digits" previously expected.

"We are thrilled with our performance this holiday season that reflects an accelerating trend across all parts of our business, and we look forward to continued momentum in 2018 and beyond," said chief executive Laurent Potdevin.

Tax reform to be favourable in 2018

The company said separately that it expects to recognise a "significant income tax expense" in the fourth quarter related to the one-time repatriation tax on accumulated foreign earnings.

It however noted that the tax reform will be favourable to the effective tax rate in 2018.

In premarket trade, its shares were up 2.17% at US$81.15.

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