Times Colonist

Lululemon charges forward with North American expansion


VANCOUVER — Yoga-wear retailer Lululemon Athletica Inc. posted net earnings of $8.5 million for the first quarter this year, more than double the $3.5 million earned in the same period last year.

The earnings amount to12 cents a share compared with five cents a year earlier.

Selling, general and administra­tive expenses at the expansion-minded retailer during the first quarter rose by 89 per cent to $29.8 million.

The Vancouver-based chain of more than 80 stores said revenues during the quarter rose by 75 per cent to $78.2 million as same-store sales increased by 15 per cent.

Lululemon expects to open 35 new stores a year throughout North America and chief executive officer Robert Meers said the U.S. economic slowdown won’t alter the company’s plans.

“I believe the tide will continue to rise for our market niche, and we are very well positioned to gain market share as we expand our store base and eventually migrate into ecommerce,” Meers said.

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