lululemon athletica (NASDAQ: LULU) stock has risen an impressive 33% over the past year, handily outpacing the S&P 500's solid 13% gain. Part of those gains came after Lululemon beat analysts' expectations on both the top and bottom lines when it reported quarterly results in March, helping investors overlook the company's weaker-than-expected full-year guidance. The yoga apparel retailer's stock could continue to climb from here if the market sees the following three things:

1. Accelerating turnaround
First, Lululemon needs to show tangible evidence that its ongoing turnaround is picking up steam. Remember, the company suffered through a plethora of issues in recent years, including a huge, quality-related recall of its core black luon bottoms line in early 2013, the surprise resignation announcement of visionary CEO Christine Day that June, and rapport-destroying comments as well as threats of a proxy battle from its outspoken founder and now-former chairman, Chip Wilson.

Over the past year, however, Lululemon has made significant investments in its supply chain to assure such recalls won't happen again, and Wilson officially stepped away from the board in February after his concerns were appeased. Lululemon is also benefiting from the leadership of its new CEO, Laurent Potdevin, who cut his teeth at Louis Vuitton parent LVMH, served as CEO of Burton for five years, and most recently left his position as president of shoe maker Toms to take his current post.

Two months ago, Potdevin noted Lululemon's "solid performance in the fourth quarter builds on the momentum that began in the third quarter and reflects improved traffic and a strong guest response." To be sure, total comparable-store sales rose 8% year over year on a constant-dollar basis, including a 5% increase in comparable-store sales and a 20% jump in direct-to-consumer revenue. At the very least, then, investors would love to see that momentum continue when Lululemon reports first-quarter results later this month.

2. Supply chain investments taking hold
Next, during last quarter's earnings conference call, Lululemon CFO Stuart Haselden noted the company expects to see merchandise margins stabilize from 2014. For that, he pointed to the "initial results" of last year's supply chain investments. What's more, when discussing anticipated increases to capital expenditures for this fiscal year, Haselden cited not only new store openings, but also continued "strategic IT and supply chain capital investments."

Given the gravity of lululemon's previous recall -- which affected a staggering 17% of all bottoms in its stores and caused the company to suffer inventory- and consumer-confidence-related fallout for several quarters afterward -- the importance of these strategic IT and supply chain investments cannot be overstated. If management indicates those investments are continuing to bear fruit, Lululemon shareholders should be the ones to reap the rewards.

3. Climbing margins
Finally, though the aforementioned merchandise margins are expected to stabilize this year, Haselden also pointed out that the positive effects of that stabilization on Lululemon's bottom line will be more than offset by a combination of foreign exchange headwinds, higher air freight amid recent port delays, and deleveraging from investments in products, occupancy, and depreciation. However, astute investors should realize these are all temporary problems, and once they pass Lululemon should be able to allow more of each revenue dollar to fall to its bottom line.

According to Barclays analyst Matthew McClintock in a note last month, that likely won't happen until 2016. But for opportunistic investors willing to sit tight in the meantime, lululemon stock could continue to rise as our impatient market begins to realize what's happening.

Of course, that's not to say Lululemon stock looks cheap based on traditional metrics. Shares currently trade around 36 times trailing-12-month earnings, and 26 times next year's estimates. However, we're also talking about a high-margin business that remained solidly profitable for the duration of its difficult past two years. Given the three catalysts above, that's why I won't be the least bit surprised if lululemon stock continues creating shareholder value as the company positions itself well for the future.

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Steve Symington owns shares of Apple and lululemon athletica.

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