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Lululemon raises full-year forecast as store, online sales rise

Pedestrians pass by a Lululemon store.
Scott Mlyn | CNBC
Pedestrians pass by a Lululemon store.

Canadian yogawear retailer Lululemon Athletica reported higher-than-expected quarterly profit and revenue, helped by strong store and online sales, and the company raised its full-year revenue and earnings forecast.

Lululemon has been expanding its men's apparel business and focusing on offering trendier styles.

The company's total comparable store sales rose 11 percent on a constant dollar basis in the second quarter.

Lululemon's shares gained about 1.5 percent to $65 in thin premarket trading on Thursday.

The company raised its earnings forecast to $1.87-$1.92 per share from $1.86-$1.91 and its revenue forecast to $2.03 billion-$2.06 billion from $2.0 billion-$2.05 billion.

Analysts on average were expecting a profit of $1.93 per share and revenue of $2.03 billion, according to Thomson Reuters I/B/E/S.

Lululemon's net income fell to $47.7 million in the quarter ended Aug. 2 from $48.8 million, a year earlier. Earnings per share, however, rose to 34 cents from 33 cents as there were fewer shares outstanding.

Revenue rose about 16 percent to $453 million.

Analysts on average had expected earnings of 33 cents per share and revenue of $445.8 million.