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Money Meditations on Lululemon

Yoga-apparel maker Lululemon could double its sales and more than double its earnings over the next couple of years if it grows at the same pace at Under Armour, Cramer said. That would send this $32 stock, which has already had a nice run since going public July 27, much, much higher.

Cramer sees some parallels between the two retailers. Both were about the same size at their respective IPOs, and both had a huge bump in profitability the year before they came public.

Lululemon is growing as fast, or faster by some metrics, as Under Armour was in 2004, the year before its IPO: LULU should have 77% sales growth, 335% operating income growth and 449% net income growth this year. Under Armour had 84% sales growth, 155% in operating income growth and 184% in net income growth.

So if LULU keeps up this pace, Cramer said the sales and earnings could double between 2007 and 2009.

The companies do have their differences, though. Lululemon has its own chain of stores – 59 as of July – and it has been almost doubling the count every year. Also, LULU’s comp store sales are in the 20% range, which Cramer called stellar.

This is speculation Friday, of course, so Home Gamers should proceed with caution. Use limit orders and be patient: The stock is down $2 today, and “there’s no reason to believe it won’t come down even more next week,” Cramer said. He recommends waiting for a few days next week for a good entry point.

“Lululemon is onto something,” Cramer said. “If it performs anything like Under Armour, we’re looking at a real winner.”

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