UPDATE: Lululemon Posts Rise In Q3 Profit, Issues Weak Outlook

Lululemon Athletica (NASDAQ: LULU) reported a rise in its third-quarter profit and cut its forecast.

Lululemon's quarterly profit surged to $66.1 million, or $0.45 per share, from a year-ago profit of $57.3 million, or $0.39 per share.

Its net revenue gained 20% to $379.9 million. However, analysts were estimating earnings of $0.41 per share on revenue of $374.9 million. Its same-store sales increased 5% in the quarter.

Lululemon projects flat same-store sales for its fiscal fourth quarter. It also expects Q4 earnings of $0.78 to $0.80 per share, versus analysts' estimates of $0.84 per share.

Lululemon also cut its full-year earnings forecast to $1.94 to $1.96 per share on revenue of of $1.605 billion to $1.610 billion.

Lululemon shares dropped 9.22% to $62.05 in pre-market trading.