NEW YORK (AP) Yoga clothing seller Lululemon Inc. said Thursday that its fourth-quarter profit jumped 34 percent on strong demand for its pricey wares. But its earnings outlook for the year fell shy of analyst estimates, and shares dipped.

For the quarter ended Jan. 29, Lululemon earned $73.5 million, or 51 cents per share, up from $54.8 million, or 38 cents per share, in the same three months a year earlier.

Revenue rose 51 percent to $371.5 million from $245.4 million.

The Canadian company's results beat Wall Street predictions. Analysts expected a profit of 48 cents per share on $360.2 million in revenue, according to a FactSet poll.

Revenue at stores open at least a year jumped 26 percent when the effect of changing currency values was excluded, while online sales more than doubled to $50.1 million.

Revenue at stores open at least a year is a key measure of a retailer's health because it excludes sales at newly opened or closed stores.

The company, which sells $98 yoga pants, has outperformed many of its competitors due to high demand for its yoga, running and other athletic gear. For the full year 2011, Lululemon earned $184.1 million, or $1.27 per share, up from $121.8 million, or 85 cents per share, in 2010. Revenue rose to $1 billion from $711.7 million.

But like other retailers, it's been dealing with higher costs and the effects of cautious consumer spending.

Lululemon projected a first-quarter profit in line with analysts' predictions, but its full-year earnings estimate fell short.

The company said it expects first-quarter net income of 28 cents or 29 cents per share on $265 million to $270 million in revenue, while analysts are predicting profit of 29 cents per share and $256.2 million in revenue.

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Yoga pants seller Lululemon 4Q net climbs 34 pct