Michael Burry's Lululemon Bet Takes A Hit As LULU Crashes To Lowest Level Since 2018: Gary Black Warns Of 'Intense Competition'

Lululemon Athletica Inc. (NASDAQ: LULU ) shares plummeted over 11% in after-hours trading, crashing to their lowest price since 2018 after slashing full-year guidance due to softening traffic and product missteps. Guidance Cut Triggers Technical Meltdown The athletic apparel giant reported first-quarter revenue of $2.47 billion, slightly beating consensus estimates, but narrowly missed earnings expectations at $1.69 per share. However, the sell-off intensified after management significantly lowered its second-quarter and full-year outlook. According to data visualized in an X post by Barchart, the post-market collapse wiped out years of gains, dragging the stock down to levels not seen in eight years. The company now expects full-year revenue between $11 billion and $11.15 billion, down from its prior projection of up to $11.50 billion. Interim co-CEO and CFO Meghan Frank attributed the guidance cut to recent execution issues, stating, "More recently, we have been navigating headwinds that have led us to adjust our outlook for the full year". data-variant="card" data-news-mode="manual" ... Full story available on Benzinga.com