In its first quarterly results posting as a public company, yoga wear retailer Lululemon Athletica has reported a 63% jump in profit to CAD5.1m (US$4.9m) helped by a growing active lifestyle market.

For the three months to 31 July, sales rose by 80% to CAD58.7m compared to the prior year period.

For the six month period, net revenue increased 70% to CAD103.5m, and net income was up to CAD8.7m , compared to CAD5.1m for the same period in fiscal 2006.

Robert Meers, Lululemon's CEO stated: "We are pleased to report strong results in our initial quarter as a public company.

"Our team has built on the success of our unique winning formula - vertically retailing technical apparel for men and women - in a rapidly growing global market for healthy and active living."

On 22 August the company completed an initial public offering of 20,930,000 shares of common stock at a price of $18.00 per share, of which 2,290,909 shares were sold by the company and 18,639,091 shares were sold by certain selling stockholders.

Upon completion of the offering, the company and the selling stockholders received net proceeds of approximately $31.8m and $312.0m, respectively.

The company intends to use the net proceeds from the offering, together with cash flow from operations, to fund new store openings and working capital.

Meers continued: "We are very pleased with the successful completion of our initial public offering, and looking ahead, we are excited about the prospects for our unique brand and retailing model.

"Our plan is to capitalise on our expansion opportunities."

For fiscal 2007, Lululemon plans to open 25 new stores in North America, including the 8 new stores opened in the first two quarters. The company is on plan to open the remaining 17 stores in the second half of fiscal 2007 and a further 30 to 35 new store in fiscal 2008.

Based on results in the first half, the company expects same-store sales in the mid to high-teen range for the full year.