Shares of athletic apparel company Lululemon Athletica (NASDAQ: LULU) flew higher on Wednesday after it reported results for its fiscal 2022 fourth quarter. Those results were better than expected and guidance was strong, which is why Lululemon stock was up about 13% as of 1:04 p.m. ET.

In the quarter, which ended Jan. 29, Lululemon generated revenue of $2.8 billion -- up 30% year over year -- whereas management had guided for revenue of $2.655 billion at best.

CEO Calvin McDonald was particularly upbeat about that growth because sales were down for the athletic apparel industry as a whole. "This is the highest quarterly market share gain we've achieved since we began tracking these numbers in 2020, and it caps a year in which we grew our market share every quarter," he said.

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Source Fool.com