Lululemon Athletica Inc., (NASDAQ:LULU) shares were higher after the firm released a forecast-beating performance in the second quarter and said it expects strong sales for the fiscal year 2017.
The Canadian athletic-wear firm said revenue for the second quarter ending July 30 was US$581.1mln, an increase of 13% compared to the second quarter of fiscal 2016, adding that earnings per share was 36 US cents.
For the full fiscal 2017, the NASDAQ-listed firm now expects net revenue to be in the range of US$2.545bn to US$2.595bn, based on a total comparable sales increase in the low-single digits on a constant dollar basis.
READ: Lululemon's shares gain as it streamlines business and reports better-than-forecast earnings
Diluted earnings per share are expected to be in the range of US$2.04 to US$2.11 for the full year.
Laurent Potdevin, CEO of the company said:"The acceleration that we have seen across the business in the second quarter enables us to take another positive step on our path towards achieving US$4 billion in revenue by 2020."
Lululemon shares were up 6.50% at US$61.29 in pre-market deals.