UPDATE: Lululemon Q3 Net Profit Up 48%

Lululemon Athletica LULU reported a rise in its third-quarter profit. Lululemon's quarterly profit surged to $57.3 million, or $0.39 per share, versus $38.8 million, or $0.27 per share, in the year-earlier period. Its revenue climbed 37% to $316.5 million from $230.2 million. However, analysts were expecting earnings of $0.37 per share on sales of $305.6 million. Lululemon projects Q4 profit of $0.71 to $0.73 per share, versus analysts' estimates of $0.75 per share. For 2013, it expects earnings of $1.81 to $1.83 per share, versus analysts' estimates of $1.81 per share. Lululemon shares dropped 4.51% to $65.50 in pre-market trading.