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Lululemon stock plunges 15% on disappointing earnings and outlook
Second-quarter revenue fell 4% to $2.4 billion and comparable sales dropped 9%, while incoming CEO Heidi O'Neill prepares to take over next week.
- Shares of Lululemon plunged 15% on Thursday after the retailer reported a 4% decline in revenue and a 9% comparable sales decrease for the second fiscal quarter.
- Lululemon Athletica Inc. downgraded its full-year revenue outlook to between $10.35 billion and $10.5 billion, down from its previous guidance of $11 billion to $11.15 billion.
- The Vancouver-based retailer reported net income of $329.2 million, or $2.92 per share, while gross margin grew 5.6% boosted by a $134.5 million tariff refund.
- Lululemon has faced criticism from founder Chip Wilson; the company reached an agreement over the summer to add two of his three nominees to the board.
- Former Nike executive Heidi will take the reins as CEO next week while the company expects third-quarter revenue between $2.29 billion and $2.32 billion, representing a roughly 10% to 11% decline.
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Times of IndiaLululemon cuts outlook again, highlighting to-do list for new CEO
Sales of its leggings fell about 20% Read more at The Business Times.
·Singapore, Singapore
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Lululemon share price falls as much as 19% after earnings report
Vancouver-based yogawear retailer Lululemon Athletica Inc. (Nasdaq:LULU) saw shares fall as much as 19.5 per cent in after-hours trading Thursday, Sept. 3, after the company posted an earnings report that disappointed investors. This comes five days before retail executive Heidi O'Neill assumes her...
·Kelowna, Canada
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Coverage Details
Total News Sources45
Leaning Left7Leaning Right7Center13Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 26%
C 48%
R 26%
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