Lululemon earnings beat estimates, but shares fall on weaker-than-expected forecast
The company says same-store sales were up 17% during the latest period.Pedestrians seen walking past Canadian athletic apparel retailer Lululemon in Shanghai.on Wednesday reported quarterly earnings and sales that topped analysts' estimates, as more shoppers around the world picked up its yoga pants and sports bras. And its men's business continued to grow.
But its shares fell as much as 6% in after-hours trading on the news, as Lululemon's fourth-quarter outlook came in slightly below Wall Street expectations. Lululemon now expects to earn between $2.10 and $2.13 per share during the holiday quarter, while analysts have been calling for earnings of $2.13 a share.Earnings per share: 96 cents, adjusted, vs. 93 cents expectedSame-store sales: up 17% vs. growth of 14.4% expected
Lululemon earlier this week announced its Chief Operating Officer Stuart Haselden would be leaving, effective Jan. 10. He is transitioning to become the CEO at privately held luggage company Away. Lululemon shares have skyrocketed more than 90% this year, making it one of the best-performing retailers on Wall Street. The stock before market close on Wednesday hit a fresh all-time, intraday high of $235.50. Lululemon has a market cap of about $30.4 billion.
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