Yoga retailer Lululemon athletica inc. more than doubled its profits in the second quarter as the company generated a sharp jump in revenues.
The Vancouver company reported Friday its net profit in the second quarter ended Aug. 1 rose to $21.8-million or 30 cents a share.
That compares with earnings of $9.2-million or 13 cents a share for the same year-earlier period.
Second-quarter revenue increased 56 per cent to $152.2-million from $97.7-million.
The company, which has 130 stores in Canada, the United States and Australia, ended the second quarter with $178.2-million in cash and cash equivalents, up from $83.8-million a year earlier.
"Our strong sales momentum reflects increased brand awareness driven by the strength of our product innovation, guest experience and community engagement," CEO Christine Day said in a release before stock markets opened.
"We achieved $1,532 in sales per square foot for the second quarter driven by the exceptional performance of our newest stores. We are intently focused on our existing growth strategies which include fuelling our rapidly growing e-commerce business and leveraging our showrooms into 20 to 25 store openings in 2011."
Looking ahead, Lululemon said it expects revenue of between $155-million to $160-million in the current quarter and diluted earnings per share of between 22 cents and 24 cents.
For the full fiscal 2010, revenues are expected to range between $645-million and $650-million and diluted earnings per share hitting $1.18 to $1.22.