Sales are up 19% on the same period last year, and like-for-like sales are up 9%. Growth was particularly spectacular outside France, with sales up 49%, and in the direct-to-consumer segment, with online sales up 18%.

A sign of a still healthy business: this very strong growth was accompanied by a reduction in inventories. Profits were up 21%, despite a contraction in operating margin - which is likely to be temporary, given Lululemon's pricing power.

Last March, we presented the extraordinary journey of this brand, founded in Vancouver twenty-five years ago. Shareholders will be delighted to note the success of the international growth strategy initiated since then, the only growth driver capable of justifying the current valuation multiples.

In a retail sector where good news is scarce, Lululemon continues to be a champion in all categories. No-one has capitalized better on the fitness trend, particularly with affluent, female customers - the holy grail of all consumer discretionary brands.

The charm works in Asia just as well as it did in North America. It is therefore not surprising to see the valuation return to its historical highs - excluding the speculative madness during the pandemic - at x30 operating profit, exactly the same multiple as that assigned by the market to Nike.

Competitors such as Under Armor, which targets a more masculine audience, lag far behind. Its growth has stalled, while Lululemon's margins and profitability are four to five times higher.