Lululemon shares are down 15% after the company cut their revenue and earnings forecasts.
The stock is the lowest since June 11, reports Lindsey Rupp at Bloomberg News.
“Lululemon enjoyed several years of extremely strong growth,” John Zolidis, an analyst at Buckingham Research, wrote in a note to clients. “Those days are now behind the company.”
The company had expected revenue as high as $US540 million, but today changed the outlook to $US518 million.
“We were on track to deliver on our sales and earnings guidance through the month of December; however, since the beginning of January, we have seen traffic and sales trends decelerate meaningfully,” Lululemon CFO John Currie said in a release.
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