Exercise clothing retailer Lululemon raised its profit outlook today after a strong sales performance over the important Christmas trading period.
Shares in the retailer jumped around two per cent in early trading this morning after it announced that profit per share for the quarter to 2 February is expected to be $2.22 to $2.25.
Read more: Lululemon ups fourth quarter forecasts
The company’s share price almost doubled last year.
The Canadian company also said it expected its net revenue to be between $1.37bn and $1.38bn, up from a previous estimate of $1.32bn to $1.33bn.
“We’re excited by the momentum in our business over the holiday period with guests responding well to our innovative merchandise offerings,” the company said in a statement today.
“The connection we have with our guests remains strong, and I want to thank our teams across the globe for their hard work and dedication throughout 2019.”
Lululemon, which is known for its $100 yoga trousers, expanded its loyalty programme, improved its in-store shopping experience and developed menswear products.
“View these (Lululemon’s) results as industry leading and reflect the strength of product innovation, technology initiatives, marketing efforts and management execution,” MKM Partners analyst Roxanne Meyer said, raising the price target by $6 to $264.
Lululemon has ten stores in London, including concessions in Harrods and Selfridges.