"Thank God for the recession -- it forced us to slow down and actually approach our real estate strategy in a disciplined way," he said.

The apparel maker has 75 owned and franchised stores in the U.S., with a goal of expanding to 300, although it hasn't offered a time line. It ended the second quarter with 130 stores in North America and Australia. It opened its first store in 2000 in Vancouver and had its initial public offering in 2007.

Lululemon garners six "buy," eight "hold" and one "sell" rating from analysts, about the same as a year ago. Its shares carry a price-to-earnings ratio of 33.3, almost double that of its industry peer group. Analysts' mean price target is $44.20, according to First Call data, suggesting the shares will be little changed.

Investors who have shorted the stock, seeking to profit on a decline, can't make up their minds. The current short interest is at 7.6, half what it was about a month ago, just before it reported its second-quarter results.

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