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Lululemon revenue climbs

Lululemon Athletica Inc. says its net revenue climbed 14 per cent to US$2.3 billion in fiscal 2016 compared with US$2.1 billion a year earlier in financial results released Wednesday.

The Vancouver-based athletic apparel retailer said it moved into positive operating income growth in 2016 for the first time in three years.

For the fourth quarter that ended January 29, the company saw net revenue increase 12 per cent to US$789 million or US$0.99 per share, compared with US$704 million or US$0.85 per share in the fourth quarter ending January a year earlier.

Lululemon said it expects net revenue for the year ahead to come in at about US$2.6 billion based on a total sales growth in the low-single digits.

The increase in the last quarter came as total comparable sales ticked up eight per cent, the company said.

Earnings are expected to drop to a range of between US$510 million and US$515 million for the first quarter of this year, as it expects a low-single digit sales decrease in the quarter.

Lululemon's share price plunged US$12.03 or about 18.1 per cent to US$54.27 on the NASDAQ in after-hours trading, shortly after the results were released.



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