Reuters: Hot Stocks: UPDATE 1-Lululemon sees sales growth slowing, shares drop

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UPDATE 1-Lululemon sees sales growth slowing, shares drop Dec 6th 2012, 12:37 Thu Dec 6, 2012 7:37am EST Dec 6 (Reuters) - Canadian yogawear retailer Lululemon Athletica Inc reported a jump in profit and sales on Thursday but forecast a sharp deceleration in sales growth in established stores, sending its shares lower in premarket trading. The company expects same-store sales, an important measure for retailers, to rise "in the high single digits" in the current quarter. Last year Lululemon posted 26 percent same-store sales growth in the fourth quarter. The Vancouver-based company said net income for the third quarter ended Oct. 28 rose to $57.3 million, or 39 cents a share, from $38.8 million, or 27 cents a share, a year earlier. Net revenue rose 37 percent to $316.5 million. Same-store sales rose 18 percent on a constant-dollar basis. Lulu's Nasdaq-listed shares fell 4.1 percent to $65.80 in premarket trading. (Reporting by Allison Martell; Editing by Gerald E. McCormick)

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