Lululemon Shares Plunge 15% After Revenue Miss and Outlook Cut

According to CNBC, Lululemon shares fell 15% on Thursday after the retailer reported another weak quarter and lowered its full-year outlook. Second-quarter revenue declined 4% and comparable sales fell 9%, while net income dropped to $329.2 million, or $2.92 per share, from $370.9 million, or $3.10 per share, a year earlier. For the third fiscal quarter, Lululemon said it expects revenue of $2.29 billion to $2.32 billion and earnings of 93 cents to 98 cents per share. For the full year, it forecast net revenue of $10.35 billion to $10.5 billion and earnings of $9.48 to $9.73 per share, down from prior guidance of $11 billion to $11.15 billion and $10.95 to $11.15 per share. The company said the updated outlook includes a boost from tariff refunds.