A Lululemon sign hangs in front of their store at the Woodbury Commons Premium Outlets shopping mall on November 17, 2019 in Central Valley, New York.
Gary Hershorn | Corbis News | Getty Images
Lululemon reported a first-quarter sales decline of 17%, as its strong digital business wasn’t enough to offset the losses from its stores being temporarily shut due to the coronavirus pandemic.
Its shares fell more than 5% in after-hours trading Thursday following the release.
Here’s how the company did during its fiscal first quarter ended May 3:
- Earnings per share: 22 cents
- Revenue: $651.96 million
Net income came in at $28.6 million, or 22 cents per share, compared with $96.6 million, or 74 cents a share, a year ago.
Total revenue fell 17% to $651.96 million $782.3 million a year ago.
The company said its e-commerce sales totaled $352 million, making up 54% of total revenue, compared to $209.8 million, or 26.8% of total revenue, a year ago.
Analysts were expecting the company to earn 23 cents per share on revenue of $688.4 million, according to Refinitiv estimates. However, the impact from the Covid-19 crisis makes these estimates difficult to compare to actual earnings.
The company is not currently offering an outlook for 2020.
Lululemon shares are up more than 33% this year. The company has a market cap of $40.2 billion.
Find the full earnings press release here.
This is a developing story. Please check back for updates.
