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Lululemon Athletica Inc shares fly premarket after market-beating third quarter

Lululemon also announced the approval of a new stock repurchase programme for up to US$200mln
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In premarket trade, its shares surged 8.48% at US$73.40.

Lululemon Athletica Inc.(NASDAQ:LULU) shares were on the uptick, extending gains recorded late Wednesday after it released third quarter results that took the market by surprise.

The apparel retailer said in the quarter, it earned US$59mln, or 43 US cents a share, compared with US$68mln, or 50 US cents a share, a year ago.

READ: Lululemon Athletica shares rise after strong second-quarter performance

Revenue during the period shot up by 14% to US$619mln, against US$544mln the previous year.

The market was expecting adjusted earnings of 52 US cents a share on sales of US$610mln.

Total comparable sales rose 8%, beating a 5.3% hike expected by Wall Street analysts.

Lululemon also announced the approval of a new stock repurchase programme for up to US$200mln.

In premarket trade, its shares surged 8.48% at US$73.40.

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