Shares of Lululemon Athletica Inc (NASDAQ:LULU) rose sharply in pre-market trading after the company posted better-than-expected results for the third quarter and raised its full-year guidance.
Lululemon reported quarterly earnings of $2.59 per share, which beat the analyst estimate of $2.27 by 14.15%, according to data from Benzinga Pro. Quarterly revenue of $2.57 billion beat the Street estimate of $2.48 billion and was up from revenue of $2.4 billion from the same period last year.
The company announced a CEO succession plan and also authorized an increase to its share buyback program.
Lululemon shares jumped 9% to $203.82 in the pre-market trading session.
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