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NEW YORK, United States — Lululemon Athletica Inc. reassured investors that the athletic apparel trend isn't dead.
Shares of the retailer surged in late trading after the company posted second-quarter profit and sales that topped analysts’ estimates. Lululemon also delivered a forecast for the year that beat projections.
The results are a bright spot following disappointing quarterly reports from sporting goods companies like Finish Line Inc., which stoked investor fears that the athletic industry is flagging. Lululemon chief executive officer Laurent Potdevin is working to diversify the yogawear maker's offerings in a crowded marketplace. He's appealing to men, expanding internationally and adding more technical innovation to the clothing.
The stock rose as much as 8.5 percent to $62.45 in late trading in New York. It had fallen 11 percent this year through Thursday’s close.
By Lindsey Rupp; editors: Nick Turner, Lisa Wolfson.
