Shares of Lululemon Athletica (LULU) skyrocketed in early trading on Friday after the maker of fashion activewear posted bette🐭r-than꧑-expected results and raised its guidance.

Lululemon reported fiscal 2023 first quarter earnings per share (EPS) of $2.28, and revenue jumped 24% to $2 billion. Both were above forecasts. Comparable store sales added 13%, and direct-to-consumer net revenue increased 16%.

The company benefited from booming sales in China, which soared 79% from a year earlier, when COV🍃ID-19 restrictions temporarily shut do🧔wn about one third of its stores there. 

CFO Meghan Frank explained that along with the gains in China, the results were boosted by lower air freight costs. She added⛦ customers “responded well to our product offering in all our markets across the globe.”

Lululemon now sees full-year revenue of $9.44 billion to $9.51 billion, up from its previous outlook of $9.31 billion to $9.41 billion. It expects EPS to be $11.74 to $11.94 🎃compared to the earlier estimate of $11.50 to $11.72. Those were also more than analysts had anticipated. 

Lululemon Athletica shares were 12% higher at 11:20 a.m. Eastern Time on Friday.