"Let's be careful," Cramer said on "Squawk on the Street." "Its same-store sales number was not that good. It's a Canadian company, so there's a translation."
The yoga apparel retailer reported a 6 percent rise in comparable-store sales on a constant-dollar basis.
The company also reported fiscal first-quarter earnings per share of 34 cents, slightly higher than analysts' estimates. Revenue came in at $423.5 million, beating projections.
Lululemon shares were up 5.6 percent in early trading Tuesday.
Disclosure: Cramer's trust did not own Lululemon stock when this article was published.