lululemon athletica inc. (NASDAQ:LULU) shares rose more than 9% intra-day on Friday after the apparel maker reported stronger-than-expected third-quarter results and expanded its share repurchase program.

Earnings per share totaled $2.59, beating analyst estimates by $0.38. Revenue increased 7% year-over-year to $2.6 billion, surpassing the $2.48 billion consensus estimate. Comparable sales rose 1%, or 2% on a constant-currency basis.

Performance was driven by international markets, while North America lagged. International net revenue surged 33%, led by particularly strong results in mainland China, where comparable sales jumped 24%. In contrast, Americas net revenue declined 2%, and comparable sales in the region fell 5%.

lululemon opened 12 net new stores during the quarter, ending with 796 locations globally. Inventory rose 11% year-over-year to $2.0 billion, or 4% on a unit basis.

For fiscal 2025, the company raised its net revenue outlook to a range of $10.962 billion to $11.047 billion, representing 4% growth, or 5% to 6% excluding the impact of a 53rd week in fiscal 2024.

The company also announced that Chief Executive Officer Calvin McDonald will step down from his role and from the board effective January 31, 2026. A search for his successor is underway, and Board Chair Marti Morfitt was appointed Executive Chair to oversee the transition.