Lululemon beats Q1 sales, earnings expectations

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Lululemon's stock surges 6.5% premarket toward record high after Q1 results

Shares of Lululemon Athletica Inc.

rose 3% in the extended session Wednesday after the apparel retailer beat Wall Street's first-quarter sales and profit expectations and said it continues to see "momentum" across its businesses. Lululemon earned $97 million, or 74 cents a share, in the quarter, compared with $75 million, or 55 cents a share, in the year-ago period. Revenue rose 20% to $782.3 million. Analysts polled by FactSet had expected earnings of 71 cents a share on sales of $756 million.

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