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Lululemon's Kitsilano store in VancouverLAURA LEYSHON

Yoga clothing retailer Lululemon Athletica Inc. said Monday that its board of directors has approved a two-for-one stock split and an increase in the company's authorized common stock from 200 million to 400 million shares.

Shareholders are expected to vote on the measures at the Vancouver company's annual meeting on June 8.

Lululemon's board also voted to increase the authorized special voting stock to 60 million from 30 million shares, the company said in a news release.

The stock split, if approved, would be implemented as soon as possible after the annual meeting.

The company recently reported that its profits climbed to $55-million, or 77 cents per share, in the fourth quarter on the back of stronger sales over the busy holiday season when it saw record gross margins and fewer markdowns.

The results were nearly double those from a year ago when the company turned in $28.5-million in profits, or 40 cents per share, and were also well above analyst expectations of 57 cents per share.

Revenues increased 53 per cent to $245.4-million, also above analyst expectations of $239.3-million.

Lululemon has said it anticipates slower growth in the first months of 2011 as it struggles to keep enough inventory on shelves to satisfy customer demand.