Rarely does the market offer up opportunities to buy growth companies on the cheap. But right now might be one of those times.

After the company reported third-quarter revenues that came in short of analysts' expectations, shares of lululemon athletica (Nasdaq: LULU) are trading significantly lower. With a high-growth stock like Lululemon, such price action is to be expected when revenue is a miss. But dig a little deeper into the report and you might see an opportunity right in front of you.

First, a very quick primer
Lululemon is a high-end retailer of women's sporting clothes -- with an original focus on yoga that is now branching out into other arenas. One way to think about it would be as the female-biased version of Under Armour (NYSE: UA). Instead of marketing with click-clacking football players, Lululemon chooses to give their merchandise away for free to yoga instructors in an effort to drive traffic.

And now, why it's on sale
The company has been trying to up their inventory to meet demand for almost a year now. As of right now, they're caught up. But that wasn't the case in the third quarter, where management stated that there was unmet sales demand.

Lululemon got itself in this position because there was way more demand in quarter four last year than they were prepared for. They started last year's holiday season with a sufficient inventory, but it was depleted by the time 2011 came around.

This year, that won't be the case. In fact, they'll be capping sales in the fourth quarter to make sure they're ready for the post-holiday season. That means that while we might see solid growth this Christmas, we can hope for more explosive comps come 2012.

Conclusions
I think this was a solid quarter. Not blow-your-mind, but solid. Lululemon saw their earnings per share grow by 51%, and comps were up a solid 16%. In addition, it was noted on the conference call that high-end retailers are seeing little push back for raising the prices on their highest quality products, which could be a huge boon for Lululemon as well as other high-end retailers like Deckers (Nasdaq: DECK) and Coach (NYSE: COH).

Maybe the stock's price got a little ahead of itself, but the story and thesis are very much intact. The depressed prices could especially offer an attractive point for those wishing to enter. In fact, I've already green-thumbed the company on my CAPS profile, and I intend to keep it open indefinitely. Add Lululemon to your watchlist, and you'll be up-to-date on all the latest for this highflier.

Fool contributor Brian Stoffel owns shares of lululemon athletica and Deckers. You can follow him on Twitter at @TMFStoffel. The Motley Fool owns shares of Coach, Under Armour, and lululemon athletica. Motley Fool newsletter services have recommended buying shares of Under Armour, Coach, and lululemon athletica. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.