UPDATE: Lululemon Posts Rise In Q1 Profit, Issues Downbeat Forecast

Lululemon Athletica Inc LULU reported a rise in its first-quarter profit. Lululemon's quarterly profit climbed to $43.6 million, or $0.32 per share, versus $33.4 million, or $0.23 per share, in the year-earlier period. Its sales rose to $285.7 million from $186.8 million. Analysts were expecting earnings of $0.30 per share on sales of $270.9 million. Lululemon projects Q2 earnings of $0.28 to $0.30 per share. For the year, it expects earnings of $1.55 to $1.60 per share. However, analysts were expecting Q2 earnings of $0.33 per share and $1.63 per share for the year. Lululemon shares dipped 11.80% to $61.76 in pre-market trading.