Lululemon (LULU) Stretches Profit in Third Quarter

December 9, 2009 5:20 PM EST

Lulelemon Athletica Inc. (NASDAQ: LULU) reported Wednesday that its third-quarter profit jumped nearly 60 percent due to the strong demand for its fitness and yoga apparel.

The company added that it also expects to see even stronger results in the current quarter.

"Sales momentum continued to build in the third quarter as consumers responded to our distinctive product, community connections and in store guest experience,” Christine Day, lululemon's CEO stated.

The company reported third quarter earnings of 20 cents per share, a penny better than the market estimate of 19 cents per share. Revenue for the quarter was $112.9 million, which compares to the estimate of $111.2 million, and 30 percent boost from the year-ago quarter.

Net profit for the company increased to $14.1 million, up from the $8.8 million the company made last year in the same quarter.

Lululemon sees fourth-quarter earnings of 26 cents to 28 cents per share, versus the consensus of $0.27. The company is forecasting revenue of $140 million to $145 million in the current quarter, ahead of the market estimate of $133.7 million.

Same store sales increased by 10 percent from last year for the Vancouver-based company.

Shares for lululemon are up 1.4 percent to $28.03 in the aftermarket hours.

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