Lululemon earnings bulge
$14.1M net on revenue of $112.9M
Lululemon Athletica Inc. reported sharply higher third-quarter earnings Wednesday.
The Vancouver-based maker and retailer of stylish activewear said its net income in the three months ended Oct. 31 totalled $14.1 million, or 20 cents a diluted share.
That compared with $8.8 million, or 13 cents per share, in the same period in 2008.
Revenue grew 29.7 per cent to $112.9 million from $87 million a year ago. Strong autumn sales surprised even the company itself, which had already revised its guidance to investment analysts for revenue of $110 million to $112 million.
Same-store sales increased by 10 per cent. Lululemon said it expects its fourth-quarter earnings per share to be between 26 cents and 28 cents, with revenue in the range of $140 million to $145 million.
Shares in the company, which reported its earnings after the market close, were up nearly three per cent to $29.24 Wednesday on the Toronto Stock Exchange.
With files from The Canadian Press