Lululemon raises full-year profit, revenue forecast

The company inched up its full-year earnings forecast to $1.86 to $1.91 per share from $1.85 to $1.90 and revenue forecast to $2.0-$2.05 billion from $1.97-$2.02 billion.

The profit forecast however was short of analysts' average estimate of $1.93 per share, while the revenue forecast compared with analysts' average estimate of $2.02 billion, according to Thomson Reuters I/B/E/S.

Shares of the company, which has posted better-than expected profit for at least the past eight quarters, were up 2.8 percent at $63.25 in light premarket trading.

Lululemon is in the midst of a turnaround to improve quality, expand its product line and solve supply-chain problems, while laying the groundwork for faster international growth.

Total comparable store sales rose 6 percent on a constant dollar basis in the first quarter ended May 3 from 1 percent a year earlier.

The company has been trying to grow its men's apparel business in sync with women's, while also offering more fashionable apparel.

Lululemon's earnings rose to $47.8 million, or 34 cents per share, in the quarter from $18.98 million, or 13 cents per share, a year earlier.

Revenue rose about 10 percent to $423.5 million.

Analysts on average expected a profit of 33 cents per share on revenue of $418.9 million.

Lululemon shares had risen more than 10 percent this year on the Nasdaq.

(Reporting by Solarina Ho in Toronto and Amrutha Gayathri in Bengaluru; Editing by Ted Kerr and Savio D'Souza)