Lululemon Exceeds Revenue Targets

Lululemon ($LULU@Canada) reported better-than-expected earnings for its fiscal first quarter, surpassing Wall Street estimates on both the top and bottom lines. The company's net income for the period was $290.4 million, or $2.28 per share, compared to $190 million, or $1.48 per share, in the same period last year. Lululemon also raised its full-year guidance, projecting revenue of $9.44 billion to $9.51 billion and profits of $11.74 to $11.94 per share, beating analysts' expectations. Lululemon plans to open 50 net new company-operated stores in the fiscal year, focusing on international markets, particularly China. The company is also looking to sell its at-home fitness business, Mirror, which has been a drag on its balance sheet.