Lululemon fiscal 1Q profit more than doubles

Shares of the company, which also lowered its fiscal 2008 earnings outlook range a bit while raising its revenue view, fell $3.91, or 12.1 percent, to $28.31 in after-hours trading. The stock finished regular trading up 23 cents at $32.22.

For the quarter ended May 4, the Vancouver, British Columbia-based company earned $8.5 million, or 12 cents per share, compared with $3.5 million, or 5 cents per share, in the year-ago quarter.

Lululemon's revenue rose 74.5 percent to $78.2 million.

Analysts polled by Thomson Financial, on average, expected a profit of 12 cents per share on $71.8 million in revenue.

Lululemon said its revenue from corporate-owned stores rose 85.8 percent to $70.6 million.

The company's same-store sales rose 28 percent year over year, or 15 percent on a constant-dollar basis.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance because it measures growth at existing stores rather than newly opened ones.