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Lululemon profit spikes as revenue soars 33 on strong salesLululemon profit spikes as revenue soars 33 on strong sales

VANCOUVER — Lululemon Athletica Inc. is reporting a big increase in second-quarter earnings on the strength of soaring revenue and higher comparable store sales.The Vancouver-based retailer of high-end activewear said net earnings were $57.2 million or 39 cents per share, compared with $38.4 million or 26 cents per share in the second quarter of fiscal 2011.The boost in profit came as Lululemon reported that revenue rose 33% in the three months ended July 29 to $282.6 million from $212.3 million in the same quarter of fiscal 2011.[np-related /]Comparable store sales increased 15% on a constant dollar basis.Earnings were also boosted by a lower effective tax rate, thanks in part to a $7.2 million adjustment that reversed taxes provided for in two previous quarters.The Vancouver-based company raised its forecast for full-year net revenue to $ 1.345-$ 1.360 billion, up from last quarter’s forecast of $1.32-$1.34 billion.Lululemon said it expects full-year earnings per share from $1.76 to $1.81, up from its previously forecast $1.55 to $1.60.Shares, however, were down 4% at US$65.78 in premarket trading Friday morning.With files from Reuters read more