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What: Shares of Lululemon Athletica (NASDAQ:LULU), a retailer of apparel and accessories for active individuals, surged as much as 18% today after releasing its second-quarter earnings results before the opening bell.

So what: For the quarter, Lululemon delivered a 13% increase in net revenue to $390.7 million as total comparable sales, which includes retail locations as well as direct-to-consumer (i.e., online) sales, were flat on a constant currency basis. Broken down, physical same-store sales dipped 5%, while comparable direct to consumer revenue rose 30% year-over-year. Net income for the quarter totaled $48.7 million, or an adjusted $0.33 per share, down from $56.5 million, or $0.39 per adjusted share in the year-ago period, while gross margin dipped 350 basis points to 50.5%. By comparison, Wall Street's consensus expectation had called for $376.8 million in revenue and just $0.29 in EPS.

Lululemon also adjusted its full-year sales and earnings guidance. The company is now forecasting revenue of between $1.78 billion and $1.8 billion based on total comparable sales in the low-single-digits, and anticipates adjusted EPS will be in the $1.72 to $1.77 range. Both figures are in-line with current Wall Street forecasts. 

Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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