Lululemon 1Q profit rises 40%, outlook disappoints
Vancouver, BC, Canada — Lululemon Athletic Inc. reported Thursday that profit for the fiscal first quarter surged 40% to $46.4 million, compared with $33.4 million last year, but lowered second quarter and full-year forecasts have alarmed investors.
Revenue for the quarter surged 53% to $285.7 million, beating Wall Street’s expected $274 million, and same-store sales rose 25%. Online sales nearly tripled in the quarter.
However, Lululemon now forecasts revenue of $273 million-$278 million in the second quarter, which would substantially miss analysts’ predicted $289.2 million in revenue. The forecast for the full year also fell short of estimates.
Tommy Bahama announces senior management appointees
Seattle — Tommy Bahama Group said Wednesday that Joel Gardner has been promoted to senior VP retail, and Bornie Del Priore has been named VP of Tommy Bahama Footwear, a new division for the company.
Gardner has been with Tommy Bahama since 2006, most recently as VP retail planning and merchandising. Before joining Tommy Bahama, he was VP retail at The Orvis Co.
Del Priore has spent the last four years at Tommy Hilfiger USA, most recently as executive VP accessories. She also spent 15 years at Ralph Lauren Footwear.
Gymboree swings to profit in Q1; plans 105 new stores in 2012
San Francisco — Gymboree Corp. reported Thursday net income of $4.2 million for the quarter ended April 28, compared with a loss of $10.4 million in the same period last year.
Sales rose 10.2% to $297.8 million, and same-store sales edged up 1%.
The retailer said it is on track to open 105 stores in fiscal 2012, which include 80 Crazy 8 locations. Crazy 8 is Gymboree’s discount concept.