• Net income rose 12% to $38.8m
  • Sales up 31% to $230.2m
  • Comparable-store sales grew 16%

Yoga-wear retailer Lululemon Athletica has seen its third-quarter profit rise 12% thanks to a 31% jump in sales.

The company today (1 December) reported a 12% rise in net income to reach US$38.8m for the quarter ended 30 October. Sales were up 31% to $230.2m, and comparable store sales rose 16%. Gross profit rose 33% to $128.5m and margins improved to 55.8% of sales from 55.1% the year before.

"We are set to finish 2011 with a stronger brand, a stronger organisation and we remain focused on our strategic growth opportunities," said CEO Christine Day.

For the fourth quarter, the company is forecasting net revenue in the range of $328-332m, based on a same-store sales percentage increase in the low to mid-teens. It is expecting earnings per share to be in the range of $0.40-0.42.