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Lululemon profit beats forecasts, plans store closings
June 1, 2017 / 8:25 PM / 6 months ago

Lululemon profit beats forecasts, plans store closings

TORONTO, June 1 (Reuters) - Premium athletic apparel maker Lululemon Athletica Inc on Thursday reported quarterly earnings that beat analysts’ forecasts and said it plans to shut down 40 Ivivva stores for young girls, sending shares up 10 percent.

The company said it had adjusted profit of 32 cents per share in the first quarter ended April 30, beating the 27 cents a share average forecast of analysts, according to Thomson Reuters I/B/E/S. Revenue rose 5 percent to $520.3 million, beating the average forecast of $514.1 million.

Reporting by Solarina Ho; Editing by Jim Finkle

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