Lululemon surges after annual profit forecasts rise, CEO departure announcement
Shares of athletic wear maker Lululemon Athletica LULU.O up about 11% at $207.37 in extended trading
LULU says CEO Calvin McDonald will step down in January after about seven years at the helm
Co lifts annual profit forecasts, helped by stronger sales of its sportswear and accessories in international markets
Now expects annual profit between $12.92 and $13.02 per share, compared with previous expectations of $12.77 to $12.97 apiece
Also sees annual revenue between $10.962 billion and $11.047 billion vs prior forecast of $10.85 billion to $11 billion
Co approved a $1 billion increase to its stock buyback program
Reports Q3 net revenue of $2.57 billion, beating estimates of $2.48 billion — as per data compiled by LSEG
Up to last close, shares down ~51% YTD
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