Sportswear maker Lululemon Athletica Inc. on Wednesday said it expects its 2008 results will exceed its long-term growth target of 25 percent revenue growth and more than 25 percent earnings per share growth.
The company expects fiscal 2008 earnings of 70 cents to 72 cents per share, including a charge of 2 cents per share for exiting its Japanese operations. Analysts polled by Thomson Financial expect a profit of 72 cents per share. Analyst estimates typically exclude one-time charges.
The Vancouver, British Columbia-based company predicts same-store sales, or sales in stores open at least one year, to rise in the low teen percentage range and plans to open 35 stores in North America. The company currently has 57 locations, according to its Web site.
Separately, the company, which went public in July, said its Chief Executive Robert Meers will retire at the end of June.
In premarket electronic trading, Lululemon shares fell $2.57, or 8.1 percent, to $29, from their regular session close at $31.57 Tuesday.
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