Lululemon Focuses on Global Growth After Earnings Topped Forecasts

Shares of Lululemon are spiking on Thursday. The athletic apparel retailer is raising its outlook after earnings topped Wall Street forecasts. Profit came in at 33 cents a share. That's four cents better than estimates though it was down from a year ago. Sales rose 13% over $390 million, also better than forecasts. Lululemon's founder Chip Wilson resigned as the chairman in June because of disagreements with other managing members. That messy chapter is now behind them and CEO Laurent Potdevin said the retailer will focus on growth in the future. He said, "We are making meaningful progress on building a scalable foundation for our next phase of global growth." He expects comparable store sales to increase low single digits this year and raised sales projection by $10 million to about $1.8 billion.