lululemon athletica inc. Updates Guidance for Fourth Quarter of Fiscal 2012 Ahead of Presentation at ICR XChange

  lululemon athletica inc. Updates Guidance for Fourth Quarter of Fiscal 2012
  Ahead of Presentation at ICR XChange

ICR XChange 2013

Business Wire

VANCOUVER, British Columbia -- January 14, 2013

lululemon athletica inc. (NASDAQ: LULU) (TSX: LLL) today announced that the
Company is updating its net revenue and earnings guidance for the fourth
quarter of fiscal 2012 ending February 3, 2013.

For the fourth quarter, the Company now anticipates that net revenue will be
at the high end of its original guidance range of $475 million to $480 million
based on a comparable-store sales percentage increase in the high single
digits on a constant-dollar basis. The Company also now expects diluted
earnings per share will be $0.74 for the quarter. The previous guidance for
the fourth quarter was a range of 0.71 to $0.73. EPS guidance continues to
assume 145.9 million diluted weighted-average shares outstanding and a 29.4%
tax rate.

Christine Day, lululemon’s CEO stated: “Our store managers, key leaders and
educators stepped up and did a fantastic job this year as the calendar
compressed holiday shopping patterns into a couple of key weeks. We are also
pleased that our gross margin is running slightly ahead of plan, and that we
are entering 2013 in a clean inventory position. Along with our new back to
gym product, we are beginning to flow a beautiful new spring assortment into
our stores this week and look forward to introducing new innovation and
function to our guests in 2013.”

Management will be meeting with analysts and investors and presenting at the
ICR XChange Conference in Miami, Florida this week. 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 long, healthy and fun
lives. 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.

Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of
Section27A of the Securities Act of 1933 and Section21E of the Securities
Exchange Act of 1934 that involve risks, uncertainties and assumptions, such
as statements regarding our future financial condition or results of
operations, our prospects and strategies for future growth, the development
and introduction of new products, and the implementation of our marketing and
branding strategies. In many cases, you can identify forward-looking
statements by terms such as “may,” “will,” “should,” “expects,” “plans,”
“anticipates,” “outlook,” “believes,” “intends,” “estimates,” “predicts,”
“potential” or the negative of these terms or other comparable terminology.
These forward-looking statements are based on management’s current
expectations but they involve a number of risks and uncertainties. Actual
results and the timing of events could differ materially from those
anticipated in the forward-looking statements as a result of risks and
uncertainties, which include, without limitation: an economic downturn or
economic uncertainty in our key markets; increasing product costs and
decreasing selling prices; our inability to anticipate consumer preferences
and successfully develop and introduce new, innovative and updated products;
our inability to accurately forecast customer demand for our products; our
inability to manage our growth and the increased complexity of our business
effectively; the fluctuating costs of raw materials; our reliance on and
limited control over third-party suppliers to provide fabrics for and to
produce our products; our highly competitive market and increasing
competition; an unforeseen disruption of our information systems; our
inability to deliver our products to the market and to meet customer
expectations due to problems with our distribution system; our inability to
cancel store leases if an existing or new store is not profitable; increasing
labor costs and other factors associated with the production of our products
in China; our inability to successfully open new store locations in a timely
manner; our failure to maintain the value and reputation of our brand; our
failure to comply with laws related to our human resources policies or other
procedures; our failure to comply with trade and other regulations; our
competitors manufacturing and selling products based on our fabrics and
manufacturing technology at lower prices than we can; our failure to protect
our intellectual property rights; and other risk factors detailed in our
Annual Report on Form 10-K for the fiscal year ended January29, 2012, filed
with the Securities and Exchange Commission and available at www.sec.gov. You
are urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not to place
undue reliance on such forward-looking statements, which are qualified in
their entirety by these cautionary statements. The forward-looking statements
made herein speak only as of the date of this press release and the Company
undertakes no obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances.

Contact:

Investor Contact:
ICR, Inc.
Joseph Teklits / Jean Fontana, 203-682-8200
or
Media Contact:
ICR, Inc.
Alecia Pulman, 203-682-8224