Lululemon 3-month stock chart

Shares of Lululemon Athletica Inc. jumped Friday after the company reported a big increase in second-quarter earnings on the strength of soaring revenue and higher comparable store sales.

The company's stock rose $8.11, or more than 12 per cent, to close at $75.50 on the TSX.

The Vancouver-based retailer of high-end activewear said net earnings were $57.2 million or 39 cents per share in the three months ended July 29. That compared with net earnings of $38.4 million or 26 cents per share in the second quarter of fiscal 2011.

The boost in profit came as Lululemon reported revenue up 33 per cent in the period to $282.6 million from $212.3 million in the same quarter of fiscal 2011.

Comparable store sales increased 15 per cent on a constant dollar basis.

Lululemon had been projecting net revenue would come in the range of $273 million to $278 million for the quarter, below the $289.8 million projected by analysts, according to Thomson Reuters.

In its update outlook for the remainder of the year, Lululemon said its fiscal third quarter should bring revenue in the range of $300 million to $305 million, based on a comparable-store sales percentage increase in the low- to mid-teens on a constant-dollar basis.

Diluted earnings per share are forecast to be in the range of 34 to 36 cents.

For the full fiscal 2012 year, it now expects net revenue to be in the range of $1.345 billion to $1.360 billion and diluted earnings per share in the range of $1.76 to $1.81. That it up from previous guidance of $1.3 billion of revenue and earnings of between $1.55 and $1.60 per share.

Lululemon opened its first store in 1998 in Vancouver and has expanded to 137 stores in the past decade.

The popularity of Lululemon yoga and run apparel is already well-established in Canada and is growing south of the border — a phenomenon that has been reflected in quarterly results that had soared past expectations for more than a year.

But that has also created supply problems in its stores, where its body hugging pants, shorts and tops fly off the shelves faster than they can be restocked.