Lululemon Athletica the retailer of yoga wear has reported a profit for the second quarter that was lower of $48.6 million. The retailer continues making efforts to recover from stumbles, which have hurt the reputation of the company.
The company posted earnings of 33 cents a diluted share for the quarter, which compared to 39 cents a share or $56.4 million for the same quarter one year ago.
Revenue during the quarter was higher by 13% to end the three-month period at $390.6 million compared to last year’s total for the same period of $344.5 million.
Laurent Potdevin the CEO at Lululemon said the company was pleased they were on track with the different implementations of the businesses strategic road map. He added that the company was starting to experience results of work with the product, the brand and expansion internationally.
While much must be still done, strong meaningful progress on the construction of a scalable foundation for the company’s global growth is being made.
Lululemon hired Potdevin late in 2013 after problems due to the style of one type of yoga pants, that were made of a fabric that was criticize by users as being too sheer.
Chip Wilson the founder of the company said during an interview on television in November of 2013 that some bodies of women did not suit the tight-fitting Lululemon yoga pants.
Later he issued an apology on video.
This past June, Wilson became involved with a controversy in the boardroom when he voted against re-electing two of the company’s board of directors.
More competition has started to sell yoga wear especially at a retail level.
On Thursday, the company raised its guidance for earning for the full year as its earnings topped its own expectations. The guidance for the full year was increased by 1 penny, after lowering it back in June when they reported the previous quarter’s earnings.
In premarket trading on Thursday morning, shares of Lululemon were up over 6.8%.