Lululemon Leaps on Beat-and-Raise Profits
Shares in Lululemon Athletica (LULU) rallied sharply Friday after the maker of yoga-inspired athletic apparel reported better-than-expected second-quarter earnings and raised its full-year outlook.
Lululemon jumped as much as 14%, or $5.03, to $40.88 a share at one point early in the session. Volume was heavy, running at nearly five-times its three-month average.
The Vancouver company said its second-quarter profit more than doubled to $21.8 million, or 30 cents a share, beating Wall Street's average estimate by 6 cents