By
Reuters
Published
Sep 10, 2009
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Lululemon profit falls, sees flat third quarter sales

By
Reuters
Published
Sep 10, 2009

TORONTO, Sept 10 (Reuters) - Canadian retailer Lululemon Athletica (LLL.TO) reported lower quarterly earnings on Thursday 10 September but still topped estimates even as costs rose.

Lululemon
www.lululemon.com

The company, which sells trendy yoga and workout wear, said it expected flat third-quarter same-store sales after it earned $9.2 million, or 13 cents per share, in the second quarter, down from $11.1 million, or 16 cents per share, a year earlier.

Revenue rose 14 percent to $97.7 million, but same store sales dropped 2 percent. Analysts, on average, had expected earnings of 10 cents per share before items and revenue of $87.1 million, according to Reuters Estimates.

The results also topped Lululemon's own forecasts. In mid-June, it forecast second-quarter revenue of $85 million to $90 million, with earnings per share of 8 cents to 9 cents.

For the third quarter, the company said it expected comparable-store sales to be "relatively flat" compared with the third quarter of fiscal 2008.

It sees revenue of between $95 million and $100 million and earnings per share of between 11 cents and 13 cents.

($1=$1.08 Canadian)

(Reporting by Scott Anderson; Editing by Ted Kerr)

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