Sportswear maker Lululemon Athletica Inc. on Wednesday said fiscal fourth-quarter profit rose sharply, as sales at its own retail stores more than doubled.
Net income for the quarter ended Feb. 3 jumped to $14.6 million, or 21 cents per share, from $887,000, or a penny per share, during the prior-year period. Analysts polled by Thomson Financial, on average, predicted a smaller profit of 19 cents per share.
Revenue more than doubled to $105.1 million, from $52.2 million last year. Analysts expected revenue of $92.7 million.
Same-store sales, or sales at stores open for at least one year, rose 41 percent.
For the year, net income rose to $30.8 million, or 45 cents per share, from $7.7 million, or 11 cents per share last year.
Revenue rose 85 percent to $274.7 million, from $148.9 million last year.
Separately, the company said it will end operations in Japan, which represent about 1.5 percent of sales, to focus on the U.S.
Also, the company, which went public in July, said its Chief Executive Robert Meers will retire at the end of June.
The Vancouver, British Columbia-based company gave fiscal 2008 earnings guidance of 70 cents to 72 cents per share, while analysts expect a profit of 72 cents per share.
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