The "Fast Money" traders debated what Lululemon's weak sales growth means for the retail sector.
But the same-store sales for the Canadian yoga wear retailer disappointed, rising just 4 percent on a constant-currency basis. Analysts had anticipated a 5.8 percent uptick in this metric, according to FactSet.
"This wasn't a horrific earnings report. It was just priced for perfection and they didn't have perfection. They did have some bright spots. They also had some not so bright spots, but I think you have to wait. Let it shake out a little bit," she said.
Trader Brian Kelly said that one problem for Lululemon is that the athleisure market is "incredibly competitive." He said he'd be cautious of investing in a company like Under Armour, even though he would never bet against CEO Kevin Plank.
Trader Dan Nathan said that Lululemon's disappointment is just the latest in recent weakness in retail numbers. He said this may be a sign that "the U.S. consumer may not be as strong as the Fed would like it to be."
— CNBC's Krystina Gustafson contributed to this report.