• Q1 net income up 40.2% to $47m
  • Net revenue jumps 53% to $285.7m
  • Expects Q2 diluted EPS to be $0.28 to $0.30

Specialist apparel operator Lululemon Athletica posted a 40.2% surge in first-quarter net profits, but its outlook suggests same-store sales growth is set to slow.

For the thirteen weeks ended 29 April, net income was US$47m, compared to $33.5m the same period last year. Income from operations for the quarter increased 41% to $73.1m.

Net revenue surged 53% to $285.7m, while comparable store sales increased 25% on a constant dollar basis.

CEO Christine Day said: "Our strategy to increase inventory levels led to strong revenue growth and earnings performance in the first quarter as our guests responded well to our spring styles and colours."

Looking forward, the company expects diluted earnings to be in the range of $0.28 to $0.30 per share for the second quarter, with comparable-store sales rising by a low double-digit percentage.

For the full year, earnings per share are seen at between $1.55 to $1.60.