UPDATE: Lululemon Athletica Reports Surge In Q2 Profit

Lululemon Athletica Inc LULU reported a 76% rise in its quarterly profit. Lululemon's net income for the quarter ended July 31 surged to $38.4 million, or $0.26 per share, from a year-earlier profit of $21.8 million, or $0.15 per share. Its sales surged around 40% to $212.3 million. However, analysts were expecting earnings of $0.22 per share on revenue of $205.4 million. Lululemon projects Q3 profit of $0.22 to $0.24 per share and year-end profit of $1.10 to $1.14 per share. However, analysts expected earnings of $0.24 per share in the third quarter and $1.10 per share for the year. LULU shares dropped 6.10% to $54.17 in pre-market trading.