Lululemon stock
LULULEMON ATHLTCA INC
-9.29%
closure:0
opening:293.45
High:304.33
low:289.48
cycle:—
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the athleisure-apparel retailer, is falling in trading after it lowered its profit forecast for its fourth quarter, adding to a disappointing update in the previous quarter.
Lululemon said it now expects its fourth-quarter 2022 gross profit to fall 0.9%-1.1%, after previously expecting an increase of 0.1%-0.2%. The company’s gross profitability in the fourth quarter of 2021 was 58.1%. Investors are already on high alert for any announcement from Lululemon after its third-quarter report disappointed the market, with gross profit down 1.3 percentage points and inventory up 85% from a year earlier.
The company’s stock is now down 9% to $298.2, after falling from $385 in early December. The share price represents a market value of 38 billion dollars.
Earnings and strong revenue growth made it a stock market darling during the height of the coronavirus pandemic, but some analysts expressed concerns about its long-term growth projections. “We are pleased with our continued revenue growth and business momentum as our teams navigate the dynamic macro environment,” said CEO Calvin McDonald.
Lululemon raised its quarterly net revenue forecast to a range of $2.66-2.7 billion, an increase of 25% to 27% from the previous year. The range of the previous forecast was 2.61-2.66 billion dollars. The analysts predict that the company will record in the next report (which will be published on 28.3) revenues of 2.66 billion dollars and an adjusted profit of 4.29 dollars per share.
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