VANCOUVER — Lululemon Athletica Inc. has raised its financial forecast for the year as it reported increased sales and earnings in its third quarter that beat analyst expectations.

The Vancouver-based retailer, which reports in U.S. dollars, says it had net income of $126 million or 96 cents per diluted share for the quarter ending Nov. 3, up from $94.4 million or 71 cents per share in the same quarter last year.

Net revenue was $916.14 million, up from $747.66 million, as direct to consumer revenue increase 29 per cent while total comparable sales increased 16 per cent.

Analysts had expected earnings of $122.3 million or 93 cents per share, and revenue of $899.66 million.

The company says it now expects to have net revenue of between $3.895 billion and $3.910 billion for the full fiscal 2019, up from the $3.73 billion to $3.77 billion it had forecast in its first quarter.

Lululemon said on Dec. 9 that Stuart Haselde, its chief operating officer, would leave early in the new year. It also said it had begun an external search for the position of external vice president, international, to support its growth strategy to quadruple its international business by 2023.

This report by The Canadian Press was first published Dec. 11, 2019.

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