NEW YORK (TheStreet) -- Shares of Lululemon Athletica Inc (LULU) are gaining, up 3.41% to $63.62 in pre-market trading Tuesday, after the yoga apparel retailer released its first quarter earnings results earlier this morning.
For the first quarter, the company earned 34 cents per share on sales of $423.5 million.
Lululemon was expected to report a profit of 33 cents per share on revenue of roughly $418.94 million, according to analysts surveyed by Thomson Reuters.
The company raised its outlook for full-year revenue outlook to a range of between $2 billion and $2.05 billion, with comparable store sales in the mid single digits.
For the second fiscal quarter, Lululemon forecasts revenue of between $440 million and $445 million, with same-store sales in the high single digits.
Canada-based Lululemon Athletica offers a range of yoga-inspired performance apparel and accessories for women, men and female youth such as fitness pants, shorts, tops and jackets, which are designed for healthy lifestyle activities.
Separately, TheStreet Ratings team rates LULULEMON ATHLETICA INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LULULEMON ATHLETICA INC (LULU) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, increase in net income and expanding profit margins. We feel its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."