• by Sarah Mahoney  @mahoney_sarah, June 10, 2011

Women are loving Lululemon's yoga and running wear. The company just released its latest results, and comparable-store sales are up 16%, while net revenue jumped 35% to $186.8 million, despite an especially lean inventory.

"We've had a great start to the year and a very successful first quarter," CEO Christine Day says in a conference call. "We were able to generate strong sales and earnings growth while also focusing on a successful transition of our e-commerce platform in-house," she says, adding that at this point, "the online store matches our retail store as much as we want it to."

She says the Vancouver, B.C.-based company continues to have its greatest hits with yoga and running clothes for women, adding that it will introduce a small cycling collection as well, which she says is another potential growth area.

Net income increased to $33.5 million, up from $19.6 million.

For the second quarter of fiscal 2011, the company now says it predicts revenue in the $200 million to $205 million range, with comparable-store sales percentage gains climbing in the mid to upper teens. While the company continues to be play catch-up with its inventory, Days says she believes the company's commitment to innovative product designs will continue to fuel gains.

Lululemon is not alone in predicting big sales gains for the $31 billion women's sports and activewear market. Gap Inc. says it will continue to expand its Athleta brand, which competes directly with Lululemon, with 10 stores scheduled to open by year end. Chain Store Age reports that Gap CEO Glenn Murphy is ready to "explode" the brands' real estate opportunities in 2012 and beyond. (The trade paper also quoted Murphy, speaking at an investor conference, as saying the company will close 200 of its 900 U.S. stores, in order to focus on its outlet presence.)

Last month, Athleta was voted one of the year's hottest retail concepts by the International Council of Shopping Centers.