Exhibit 99.1

LULULEMON ATHLETICA INC. ANNOUNCES SECOND QUARTER FISCAL 2011 RESULTS
Second Quarter Net Revenue Increased 39% to $212.3 million
Second Quarter Diluted EPS of $0.26

Vancouver, Canada — September 9, 2011 — lululemon athletica inc. [NASDAQ:LULU; TSX:LLL] today announced financial results for the second quarter ended July 31, 2011.

For the thirteen weeks ended July 31, 2011:

•

Net revenue for the quarter increased 39% to $212.3 million from $152.2 million in the second quarter of fiscal 2010.

•

Comparable stores sales for the second quarter increased by 20% on a constant dollar basis.

•

Direct to consumer revenue increased 93% to $18.6 million, or 8.8% of total Company revenues, in the second quarter of fiscal 2011, an increase from 6.3% of total Company revenues in the second quarter of fiscal 2010.

•

Gross profit for the quarter increased 52% to $122.1 million, and as a percentage of net revenue gross profit increased to 57.5% for the quarter from 52.8% in the second quarter of fiscal 2010.

•

Income from operations for the quarter increased 74% to $59.5 million, and as a percentage of net revenue was 28.0% compared to 22.5% of net revenue in the second quarter of fiscal 2010.

•

The tax rate for the quarter was 35.7% compared to 40.3% a year ago. The decrease resulted from a revision to management’s plans for repatriation of unremitted earnings of the Canadian operating subsidiary.

•

Presented on a post-split basis, diluted earnings per share for the quarter were $0.26 on net income of $38.4 million, compared to diluted earnings per share of $0.15 on net income of $21.8 million in the second quarter of fiscal 2010.

For the twenty-six weeks ended July 31, 2011:

•

Net revenue for the first two quarters increased 37% to $399.1 million from $290.5 million in the same period of fiscal 2010.

•

Comparable stores sales for the first two quarters increased by 18% on a constant dollar basis.

•

Direct to consumer revenue increased 72% to $32.4 million, or 8.1% of total Company revenues, in the first two quarters of fiscal 2011, an increase from 6.5% of total Company revenues in the first two quarters of fiscal 2010.

•

Gross profit for the quarter increased 50% to $231.8 million, and as a percentage of net revenue gross profit increased to 58.1% for the first two quarters from 53.2% in the same period of fiscal 2010. The increase included 140 basis points from the non-recurring adjustment for the recognition of input tax credits in the first quarter of fiscal 2011.

•

Income from operations for the first two quarters increased 67% to $111.2 million, and as a percentage of net revenue was 27.9% compared to 23.0% of net revenue in the same period of fiscal 2010.

Creating components for people to live a long, healthy and fun life

•

The tax rate for the first two quarters was 36.0% compared to 40.1% a year ago. The decrease resulted from a revision to management’s plans for repatriation of unremitted earnings of the Canadian operating subsidiary.

•

Presented on a post-split basis, diluted earnings per share for the first two quarters were $0.49 on net income of $71.8 million, compared to diluted earnings per share of $0.29 on net income of $41.4 million in the same period of fiscal 2010. The increase included $0.02 in diluted earnings per share from the non-recurring adjustment for the recognition of input tax credits in the first quarter of fiscal 2011.

The Company ended the second quarter of fiscal 2011 with $264.7 million in cash and cash equivalents compared to $178.2 million at the end of the second quarter of fiscal 2010. Inventory at the end of the second quarter of fiscal 2011 totaled $88.9 million compared to $66.5 million at the end of the second quarter of fiscal 2010. The Company ended the quarter with 151 stores in North America and Australia.

Christine Day, lululemon’s CEO stated: “Our business remained very healthy through the second quarter, as strong sales productivity and operating margins grew pre-tax income by more than 60%. Our success is based on running a healthy brand focused business. We are confident that we are well positioned to manage successfully through the current economic environment while sensibly pursuing our future opportunities.”

Updated Outlook

For the third quarter of fiscal 2011, we expect net revenue to be in the range of $225 million to $230 million based on a comparable-store sales percentage increase in the low to mid-teens on a constant-dollar basis. Diluted earnings per share are expected to be in the range of $0.22 to $0.24 for the quarter. This assumes 145.5 million diluted weighted-average shares outstanding and a 36% tax rate.

For the full fiscal 2011, we now expect net revenue to be in the range of $930 million to $950 million and diluted earnings per share are expected to be in the range of $1.10 to $1.14 for the full year. This assumes 145.4 million diluted weighted-average shares outstanding and a tax rate of 36%.

Conference Call Information

A conference call to discuss second quarter results is scheduled for today, September 9, 2011, at 9:00 a.m. EST. Those interested in participating in the call are invited to dial 1-877-303-3203 approximately 10 minutes prior to the start of the call. The conference call will also be webcast live at www.lululemon.com. The webcast will be accessible on our website for approximately 30 days after the call.

About lululemon athletica inc.

lululemon athletica (NASDAQ:LULU; TSX:LLL) is a yoga-inspired athletic apparel company that creates components for people to live a long, healthy and fun life. By producing products that help keep people active and stress free, lululemon believes that the world will be a better place. Setting the bar in technical fabrics and functional designs, lululemon works with yogis and athletes in local communities for continuous research and product feedback. For more information, visit www.lululemon.com.

Non-GAAP Financial Measure

Constant-dollar net revenue changes, which exclude the impact of changes in foreign exchange rates, is not a United States Generally Accepted Accounting Principle (“GAAP”) performance measure. We provide constant-dollar net revenue changes because we use the measure to understand the underlying growth rate of revenue excluding the impact on a quarter-by-quarter basis of changes in foreign exchange rates, which are not under management’s direct control. We believe that disclosing net revenue changes on a constant-dollar basis is useful to investors because it enables them to better understand the level of growth of our business.

Creating components for people to live a long, healthy and fun life

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on this non-GAAP financial measure, please see the table captioned “Reconciliation of Non-GAAP Financial Measure — Constant dollar changes” included in the accompanying financial tables, which includes more detail on the GAAP financial measure that is most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as statements regarding our future financial condition or results of operations, our prospects and strategies for future growth, the development and introduction of new products, and the implementation of our marketing and branding strategies. In many cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “outlook,” “believes,” “intends,” “estimates,” “predicts,” “potential” or the negative of these terms or other comparable terminology. These forward-looking statements are based on management’s current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: an economic downturn or economic uncertainty in our key markets; increasing product costs and decreasing selling prices; our inability to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products; our inability to accurately forecast customer demand for our products; our inability to manage our growth and the increased complexity of our business effectively; the fluctuating costs of raw materials; our reliance on and limited control over third-party suppliers to provide fabrics for and to produce our products; our highly competitive market and increasing competition; an unforeseen disruption of our information systems; our inability to deliver our products to the market and to meet customer expectations due to problems with our distribution system; our inability to cancel store leases if an existing or new store is not profitable; increasing labor costs and other factors associated with the production of our products in China; our inability to successfully open new store locations in a timely manner; our failure to maintain the value and reputation of our brand; our failure to comply with trade and other regulations; our competitors manufacturing and selling products based on our fabrics and manufacturing technology at lower prices than we can; our failure to protect our intellectual property rights; and other risk factors detailed in our Annual Report on Form 10-K for the fiscal year ended January 30, 2011 and our Quarterly Reports on Form 10-Q for fiscal 2011, filed with the Securities and Exchange Commission and available at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contacts:

Investor Contact:
Joseph Teklits / Jean Fontana
ICR, Inc.
203-682-8200

Media Contact:
Alecia Pulman
ICR, Inc.
203-682-8224

Creating components for people to live a long, healthy and fun life

lululemon athletica inc.
Condensed Consolidated Statements of Operations
Expressed in thousands, except per share amounts

		Thirteen				Thirteen				Twenty-Six				Twenty-Six
		Weeks Ended				Weeks Ended				Weeks Ended				Weeks Ended
		July 31, 2011				August 1, 2010				July 31, 2011				August 1, 2010
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net revenue		$	212,323			$	152,208			$	399,103			$	290,505
Costs of goods sold			90,251				71,910				167,346				135,850
Gross profit			122,072				80,298				231,757				154,655
As a percent of net revenue			57.5	%			52.8	%			58.1	%			53.2	%
Selling, general and administrative expenses			62,589				46,055				120,587				87,938
As a percent of net revenue			29.5	%			30.2	%			30.2	%			30.3	%
Income from operations			59,483				34,243				111,170				66,717
As a percent of net revenue			28.0	%			22.5	%			27.9	%			23.0	%
Other income (expense), net			597				2,092				1,501				2,254
Income before provision for income taxes			60,080				36,335				112,671				68,971
Provision for income taxes			21,462				14,628				40,537				27,676
Net income			38,618				21,707				72,134				41,295
Net income (loss) attributable to non-controlling interest			239				(85	)			383				(85	)
Net income attributable to lululemon athletica inc.		$	38,379			$	21,792			$	71,751			$	41,380
Basic earnings per share		$	0.27			$	0.15			$	0.50			$	0.29
Diluted earnings per share		$	0.26			$	0.15			$	0.49			$	0.29
Basic weighted-average shares outstanding			143,163				141,640				142,961				141,416
Diluted weighted-average shares outstanding			145,228				143,500				145,108				143,384

Creating components for people to live a long, healthy and fun life

lululemon athletica inc.

Condensed Consolidated Balance Sheets
Expressed in thousands

		July 31, 2011				January 30, 2011
		(unaudited)				(audited)
ASSETS
Current assets
Cash and cash equivalents		$	264,728			$	316,286
Inventories			88,884				57,469
Other current assets			30,360				15,524
Total current assets			383,972				389,279
Property and equipment, net			151,120				70,954
Goodwill and intangible assets, net			28,434				27,112
Deferred income taxes and other assets			22,935				11,957
Total assets		$	586,461			$	499,302
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	4,445			$	6,659
Other current liabilities			60,598				60,306
Income taxes payable			—				18,399
Total current liabilities			65,043				85,364
Non-current liabilities			21,741				19,645
Stockholders’ equity			499,677				394,293
Total liabilities and stockholders’ equity		$	586,461			$	499,302

Creating components for people to live a long, healthy and fun life

lululemon athletica inc.

Condensed Consolidated Statements of Cash Flows
Expressed in thousands

		Twenty-Six Weeks Ended				Twenty-Six Weeks Ended
		July 31, 2011				August 1, 2010
		(unaudited)				(unaudited)
Cash flows from operating activities
Net income		$	72,134			$	41,295
Items not affecting cash			3,749				22,436
Other, including net changes in other non-cash balances			(56,354	)			(29,179	)
Net cash provided by operating activities			19,529				34,552
Net cash used in investing activities			(87,324	)			(24,053	)
Net cash provided by financing activities			12,095				6,138
Effect of exchange rate changes on cash			4,142				1,962
Increase (decrease) in cash and cash equivalents			(51,558	)			18,599
Cash and cash equivalents, beginning of period		$	316,286			$	159,573
Cash and cash equivalents, end of period		$	264,728			$	178,172

Creating components for people to live a long, healthy and fun life

lululemon athletica inc.

Reconciliation of Non-GAAP Financial Measure
Constant-dollar changes

		Thirteen Weeks Ended				Thirteen Weeks Ended
		July 31, 2011				August 1, 2010
		% Change				% Change
Comparable-store sales (GAAP)			25	%			38	%
Adjustments due to changes in foreign exchange rates			(5	)%			(7	)%
Comparable-store sales in constant dollars			20	%			31	%

Creating components for people to live a long, healthy and fun life

lululemon athletica inc.
Store Count and Square Footage¹
Quarter ended July 31, 2011
Square Footage Expressed in Thousands

Number of

Number of

Stores

Number of

Stores Open

Opened /

Stores

Number of

at the

Acquired

Closed

Stores Open

Beginning of

During the

During the

at the End of

the Quarter

Quarter

Quarter

the Quarter

1st Quarter

133

5

0

138

2nd Quarter

138

9

0

147

Total Gross

Square Feet

Gross Square

Gross Square

Total Gross

at the

Feet Added

Feet Lost

Square Feet

Beginning of

During the

During the

at the End of

the Quarter

Quarter2

Quarter2

the Quarter

1st Quarter

374

12

0

386

2nd Quarter

386

31

1

416

Creating components for people to live a long, healthy and fun life