Still, challenges facing the retailer in the current period include working through the aftermath of port delays on the West Coast, which have left Lululemon with bloated inventories, putting it at risk for heightened markdowns.
"They've done a very good job getting the women's business back on track," FBR Capital Markets analyst Susan Anderson told CNBC. "The concern we have is the pressure that it's going to add to the margins."
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That pressure stems from the brand's more high-fashion product mix, which is costlier to produce and more prone to missing the mark with fickle consumers.
So far, though, this trendier merchandise has turned more of the store's visitors into buyers. On a call with investors following its first-quarter results, CEO Laurent Potdevin noted that the company's sales trends improved as its fresh inventory—which had been held up due to the port delays—hit the floor in mid-April.
The brand is also poised for growth from its expansion overseas, and in its fast-growing men's and children's categories. During the quarter, the 19 percent comparable-sales gain in its men's unit, as well as the 29 percent boost at its children's Ivivva label, outpaced its companywide 6 percent same-store sales growth.
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"The women's business is still nicely positive but I think the real growth is coming now from the men's business," said Anderson, who has a "perform" rating and $65 price target on the stock.