Canadian athleisure retailer Lululemon has boosted its outlook for the full year following better than expected third-quarter figures.
In the three months to October 29, the brand posted a net revenue rise of 14 per cent to £461.7 million, exceeding analysts estimates of around £455 million.
A £16.4 million restructure of its girl brand Ivivva has led to a dip in profits, dropping from £50.9 million in the same quarter last year to £43.9 million.
Despite growing competition in the athleisure sector thanks to a growing trend in healthy living, Lululemon has ambitions to grow its revenues to £2.98 billion and double its earnings by 2020.
In light of the results the retailer has boosted its outlook for the full year, now expecting revenues to come in at between £1.93 billion and £1.95 billion up from estimates of £1.90 billion and £1.94 billion.
“The strength of our Q3 earnings supports our unique position as the global brand defining an active, mindful lifestyle,” chief executive Laurent Potdevin said.
“As we start the holiday season, I’m energised by our momentum and we are increasing guidance to reflect this performance”.
Click here to sign up to Retail Gazette‘s free daily email newsletter
