Lululemon Falls After Cutting Revenue, Earnings Forecast
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Lululemon Athletica Inc. shares dropped the most in seven months after the yogawear retailer cut its revenue and earnings forecast.
Lululemon fell 17 percent to $49.70 at the close in New York for the largest decline since June 11. For the fourth quarter ending Feb. 2, Vancouver-based Lululemon now anticipates revenue of as much as $518 million, down from a maximum of $540 million, the retailer said in a statement today. Earnings will be 71 cents to 73 cents a share, compared with a previous forecast of 78 cents to 80 cents, according to the statement. Analysts estimated revenue of $541 million and earnings of 79 cents a share.