Sportswear maker Lululemon Athletica Inc. said Monday that its fiscal first-quarter profit more than doubled as revenue from corporate-owned stores climbed.
For the quarter that ended May 4, the Vancouver, British Columbia-based company earned $8.5 million, or 12 cents per share, compared with $3.5 million, or 5 cents per share, in the year-ago quarter.
Lululemon's revenue rose 74.5 percent to $78.2 million.
Analysts polled by Thomson Financial expected a profit of 12 cents per share on $71.8 million in revenue.
Lululemon said its revenue from corporate-owned stores rose 85.8 percent to $70.6 million.
The company's same-store sales rose 28 percent year over year, or 15 percent on a constant-dollar basis.
Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance because it measures growth at existing stores rather than newly opened ones.
Lululemon shares fell $3.62, or 11.2 percent, in after-hours trading, after finishing regular trading up 23 cents at $32.22.