Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of lululemon athletica (NASDAQ:LULU) rose as much as 9.8% Tuesday after the yoga apparel specialist stretched its way to impressive first-quarter results.

So what: Quarterly revenue rose 10% year over year to $423.5 million, helped by new stores and a 6% increase in total comparable-store sales. That includes a 1% decline in brick-and-mortar sales on a constant-dollar basis, and a 31% increase on the same basis in direct-to-consumer revenue from lululemon's e-commerce sites. Including the negative effect of currencies, direct-to-consumer revenue rose 27% year over year to $83.6 million, or 19.7% of total sales, up from 17.2% in the same year-ago period. Meanwhile, quarterly net income came in at $47.8 million, or $0.34 per share, helped by lululemon's repurchase of 300,000 shares during the quarter at an average cost of $66.51 per share.

Analysts, on average, were expecting revenue of $418.9 million to result in earnings of just $0.33 per share. Both re ported figures were also above lululemon's previous guidance, which called for revenue of $413 million to $418 million, and earnings per diluted share of $0.31 to $0.33.

Now what: Lululemon CEO Laurent Potdevin stated the results were indicative of "another improved quarter," and noted positive momentum in traffic, conversion, brand engagement, and the continued acceleration in higher-margin online sales.

For the current quarter, lululemon expects revenue of $440 million to $445 million, based on total comparable-sales growth in the high-single-digit range. Keeping in mind lululemon's guidance doesn't include the potential positive contribution of future share repurchases, that should translate to earnings per diluted share of $0.31 to $0.33. Analysts, for their part, were expecting second-quarter revenue of $439.8 million and earnings of $0.34 per share.

Finally, for the full fiscal year, lululemon expects revenue of $2 billion to $2.05 billion, and diluted earnings per share of $1.86 to $1.91. Wall Street's models called for sales just below the mid-point of that range at $2.02 billion, with earnings of $1.93 per share.

But astute investors who follow lululemon know the company tends to issue conservative guidance, anyway. Considering lululemon handily outpaced expectations in Q1, it's no surprise the market is again willing to forgive the slight bottom-line shortfall in its outlook this time around. In the end, it appears lululemon's ongoing turnaround is progressing nicely, and I agree with investors' positive sentiment today.