Lululemon (LULU) will report Q1 earnings this afternoon (16:05 last quarter) with a conference call to follow at 4:30 PM ET.

Current Cap IQ consensus estimates Q1 EPS of $0.70 (vs $0.55 in 1Q18) on revs of $755.9 mln (+16%) w/ comps +11.6%.

The company guided for Q1 EPS of $0.68-0.70 and revs of $740-750 mln w/ low double-digit comps on a constant dollar basis.

Last quarter, the company beat Q4 estimates with comps +16%, and guided Q1 above consensus. LULU also guided for FY 20 EPS and comps above consensus.

  • China e-commerce +140%.

  • FY 20 guidance calls for EPS of $4.48-4.55 on revs of $3.70-3.74 bln and low-double digit comps on a constant dollar basis. 

    The Street expects FY 20 EPS of $4.62 (vs $3.84 last year) on revs of $3.77 bln (+15%). Last year, EPS grew 16% to $3.84 as revenue grew 24%. 

    The Street is looking for LULU to raise its FY 20 guidance.

    Estimates are for Q2 EPS of $0.88 (vs $0.55 last year) with revenue up 16% Y/Y to $755.9 mln w/ comps of 10.2%.


With a $22.3 bln market cap, LULU trades at 37x earnings estimates vs premium sport retailer competitors NKE (29x), UAA ( 64.5x), and RL (16x).

On a forward EV/EBITDA basis, LULU trades at 22x vs GOOS (18x), NKE (21x), and UAA (27.5x)



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