Following the release of disappointing guidance and a report of soft sales in the U.S., Lululemon’s shares took a nosedive on Friday. Despite exceeding holiday earnings expectations, the company revealed that its growth in North America is at a standstill. In the fourth fiscal quarter, Lululemon reported earnings per share of $5.29, surpassing the expected $5.00, and revenue of $3.21 billion, slightly higher than the anticipated $3.19 billion. Net income for the period was $669.5 million, compared to $119.8 million a year earlier, with sales increasing to $3.21 billion from $2.77 billion. As a result, Lululemon’s shares closed 16% lower on Friday, contributing to a year-to-date decline of 21%, significantly underperforming the S&P 500.
Source: www.cnbc.com
Date: 2024-03-22 15:06:12