lululemon athletica inc.
lululemon athletica inc. (LULU) Stock News
The latest LULU headlines and market coverage — 2 recent stories, updated throughout the day.
- Benzinga·
Michael Burry's Lululemon Bet Takes A Hit As LULU Crashes To Lowest Level Since 2018: Gary Black Warns Of 'Intense Competition'
Lululemon Athletic (LULU) stock plummeted over 11% in after-hours trading to its lowest level since 2018 after the company cut full-year guidance due to execution issues and softening traffic. The guidance cut triggered a technical meltdown, with the stock down 39.89% year-to-date compared to Nasdaq's 15.47% gain. While contrarian investor Michael Burry maintains his position, hedge fund manager Gary Black criticized the company's governance and intense competition from brands like Vuori, Alo, and Skims.
- Benzinga·
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