The apparel retailer said in the quarter, it earned US$59mln, or 43 US cents a share, compared with US$68mln, or 50 US cents a share, a year ago.
Revenue during the period shot up by 14% to US$619mln, against US$544mln the previous year.
The market was expecting adjusted earnings of 52 US cents a share on sales of US$610mln.
Total comparable sales rose 8%, beating a 5.3% hike expected by Wall Street analysts.
Lululemon also announced the approval of a new stock repurchase programme for up to US$200mln.
In premarket trade, its shares surged 8.48% at US$73.40.