(Vancouver) Lululemon Athletica says its net profit reached US$321 million in the first quarter, compared to US$290 million a year earlier.
The Vancouver-based clothing retailer’s net revenues for the period ended April 28 were $2.2 billion, up from about $2 billion the year before.
The company, which reports earnings in U.S. dollars, says its international net sales alone are up 35% from last year, while its Americas net sales grew 3% over the same period.
Lululemon’s diluted earnings per share were US$2.54 for the first quarter, up from US$2.28 a year earlier.
The results reflect consumer satisfaction with its products and the efforts it has undertaken to optimize the merchandise it sells in the United States, the company says.
A few days ago, Lululemon’s board of directors approved a US$1 billion increase to the company’s stock buyback program.