TORONTO – Lululemon Athletica Inc. said on Friday its quarterly profit rose 76 per cent, on the back of strong online and in-store sales of its yoga wear.
Net income rose to $38.4 million, or 26 cents a share, in the Vancouver-based company’s fiscal second quarter ended July 31. That’s up from a year-earlier profit of $21.8 million, or 15 cents.
“Our business remained very healthy through the second quarter, as strong sales productivity and operating margins grew pre-tax income by more than 60 per cent,” said chief executive Christine Day in a statement.
Lululemon’s sales rose nearly 40 per cent to $212.3 million. Comparable store sales – for stores opened at least a year – rose 20 per cent.
The company also raised its outlook for the current fiscal year, after adjusting for a two-for-one stock split announced in March this year. It now expects earnings per share of $1.10 to $1.14 for the 12 months to the end of January. Before the split, it had forecast fiscal 2012 earnings of $2.10 to $2.16.