Executive Summary

• Lululemon’s 1Q19 revenues grew 20.4% year over year to $782.3 million, beating the StreetAccount estimate of $756.1 million. The company reported 1Q19 EPS of $0.74, up 34.5% from the year-ago period, ahead of the consensus estimate of $0.70.
• For the first quarter, the company saw consolidated comparable sales growth of 16% on a constant-dollar basis, compared to the consensus estimate of 11.5%, and beating the company’s guidance of low-double digits.
• For FY19, the company raised guidance and now expects revenues of $3.73-3.77 billion and EPS of $4.51-4.58, versus the prior guidance of $3.70-3.74 billion in revenues and EPS of $4.48-4.55.