UPDATE: Lululemon Posts Drop In Q2 Profit, Lowers 2013 Outlook

Lululemon Athletica LULU reported a drop in its second-quarter profit. Lululemon's quarterly profit declined to $56.5 million, from $57.2 million, in the year-earlier period. Its per-share earnings came in unchanged at $0.39. Its net revenue surged to $344.5 million from $282.6 million, while same-store sales increased 8%. However, analysts were estimating earnings of $0.35 per share on revenue of $344 million. Lululemon lowered its 2013 earnings outlook to a range of $1.94 to $1.97 per share. Lululemon shares dropped 8.14% to $63.40 in pre-market trading.