UPDATE: Lululemon Q2 Profit Rises 49%

Lululemon Athletica LULU reported a 49% rise in its second-quarter profit. Lululemon's quarterly profit climbed to $57.2 million, or $0.39 per share, versus $38.4 million, or $0.26 per share, in the year-earlier period. Its adjusted profit came in at $0.34 per share. Its net revenue rose to $282.6 million from $212.3 million. However, analysts were expecting earnings of $0.31 per share on sales of $282.6 million. Lululemon projects Q3 profit of $0.34 to $0.36 per share, versus analysts' estimates of $0.33 per share. Lululemon shares dropped 4.31% to $65.64 in pre-market trading.