New director and profits up at Lululemon - sportstextiles: Lea SportsTextiles

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New director and profits up at Lululemon

06/12/2012
Canadian yogawear company Lululemon has appointed an American Express president to its board to help expand the brand globally, as it reports profits for the third quarter rose 36%.

William Glenn is president of global commercial services for the credit card company and has responsibility for its corporate clients. Chip Wilson, chairman of Lululemon Athletica, commented: " We have an outstanding board and Bill's ideas and opinions will help us in many areas, including our goal to bring Lululemon to communities around the world."

The Vancouver-based company reported a 37% rise in net revenue for the 13 weeks to October 28, to $316.5 million. Gross profit increased to $175.3 million.

Net revenue for the first three quarters of the year increased 41% to $884.9 million from $629.3 million in the same period of 2011.

Christine Day, Lululemon's CEO, said: "I am very proud of the team for achieving yet another strong quarter coming in ahead of our expectations. Our stellar results were driven by first-rate execution, strong community engagement, beautiful product and continued strength in our ecommerce business."

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