Lululemon Athletica Inc. Raises Guidance For Fourth Quarter Of Fiscal 2011

lululemon athletica inc. [NASDAQ: LULU; TSX: LLL] today announced that the Company is raising its guidance for the fourth quarter of fiscal 2011 ending January 29, 2012.

For the fourth quarter of fiscal 2011, the Company now expects diluted earnings per share to be in the range of $0.47 to $0.49 as compared to its previous guidance range for diluted earnings per share of $0.40 to $0.42. The Company's improved guidance reflects stronger than anticipated net revenue for the quarter.

The Company now expects net revenue to be in the range of $358 million to $363 million for the fourth quarter of fiscal 2011. This compares to the Company’s previous guidance of net revenue in the range of $327 million to $332 million for the quarter, and compares to net revenue of $245 million for the fourth quarter of fiscal 2010. Comparable-store sales for the fourth quarter of fiscal 2011 are expected to reflect a low-to-mid twenties percentage increase on a constant-dollar basis. This compares to the Company’s previous guidance of low to mid-teens comparable-store sales for the fourth quarter of fiscal 2011.

Christine Day, lululemon’s CEO stated: “Our work throughout the year building our inventory position is driving our success in the fourth quarter. Guests have responded exceptionally well to the robust assortment and bright color palette for holiday, and momentum continues with the new spring product offerings.”

Management will be presenting at the ICR XChange Conference on Wednesday, January 11, 2012 in Miami, Florida. See separate release for webcast information.

About lululemon athletica inc.

lululemon athletica (NASDAQ:LULU; TSX:LLL) is a yoga-inspired athletic apparel company that creates components for people to live a long, healthy and fun life. By producing products that help keep people active and stress free, lululemon believes that the world will be a better place. Setting the bar in technical fabrics and functional designs, lululemon works with yogis and athletes in local communities for continuous research and product feedback. For more information, visit www.lululemon.com.

Non-GAAP Financial Measure

Constant-dollar net revenue changes, which exclude the impact of changes in foreign exchange rates, is not a United States Generally Accepted Accounting Principle (“GAAP”) performance measure. We provide constant-dollar net revenue changes because we use the measure to understand the underlying growth rate of revenue excluding the impact on a quarter-by-quarter basis of changes in foreign exchange rates, which are not under management’s direct control. We believe that disclosing net revenue changes on a constant-dollar basis is useful to investors because it enables them to better understand the level of growth of our business.

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