Lululemon Athletica Inc. gained the most in three months after the Canadian yoga-wear retailer hiked its annual profit and sales forecasts, helped by strength in its online business and store openings.
The shares rose 7.3 percent to $73.57 at the close in New York, the biggest one-day gain since Sept. 7. The Vancouver-based company has gained 58 percent this year.
Lululemon has been pursuing growth overseas, setting up the groundwork for stores in Hong Kong, London and Germany, Chief Executive Officer Christine Day said.
The 201-store company has more than doubled revenue in its e-commerce business in the past three quarters to $119 million from $56 million. Sales at company-owned locations have jumped 36 percent to $712.1 million, Lululemon said in its quarterly filing yesterday.