(MENAFN- ProactiveInvestors - N.America) Lululemon Athletica (NASDAQ:LULU)(TSE:LLL) Friday posted an increase in second-quarter earnings on the strength of soaring revenue and higher comparable store sales.
For the second quarter ended July 29, the maker of yoga and athletic apparel said profits rose to $57.2 million, or 39 cents per share, from $38.4 million, or 26 cents a year-ago. Adjusted profit was 34 cents. Revenue increased to $282.6 million from $212.3 million.
Analysts expected earnings of 31 cents on sales of $282.6 million, according to FactSet Research.
"We continue to strive for the right balance between strong growth and maintaining our market leader focus on execution, innovation and investments in infrastructure and while doing so delivered another strong quarter," Lululemon's CEO Christine Day said.
Comparable store sales increased 15 per cent on a constant dollar basis.
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.
Looking ahead, Lululemon expects third-quarter profit of 34 cents to 36 cents a share, ahead of the analyst estimate of 33 cents per share.
For fiscal 2012, Lululemon said it expects net revenues of $1.3 billion to $1.4 billion and earnings per share of $1.76 to $1.81. Analysts expect earnings of $1.62 on $1.35 billion revenue.
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