Lululemon Athletica Inc (NASDAQ:LULU) posted mixed financial results for the second quarter after the closing bell on Thursday.
Lululemon reported second-quarter revenue of $2.42 billion, missing the consensus estimate of $2.46 billion, according to Benzinga Pro. The athletic and leisure apparel company reported second-quarter earnings of $2.92 per share, which may not compare to estimates.
Lululemon lowered its full-year revenue outlook from a range of $11 billion to $11.15 billion to a new range of $10.35 billion to $10.50 billion, versus estimates of $11.04 billion. The company also lowered its full-year earnings guidance from a range of $10.95 to $11.15 per share to a new range of $9.48 to $9.73 per share, versus estimates of $10.96 per share.
"Our teams remain focused on accelerating growth by strengthening our product offerings, increasing our marketing investments, and maintaining disciplined expense management," said Meghan Frank, interim co-CEO and CFO of Lululemon.
Lululemon shares fell 20.3% to $97.00 in pre-market trading.
These analysts made changes to their price targets on Lululemon following earnings announcement.
- Bernstein analyst Aneesha Sherman maintained the stock with a Market Perform and lowered the price target from $145 to $115.
- JP Morgan analyst Matthew Boss maintained the stock with a Neutral and lowered the price target from $154 to $95.
- Guggenheim analyst Simeon Siegel reiterated the stock with a Neutral rating.
- Keybanc analyst Ashley Owens reiterated the stock with a Sector Weight rating.
Considering buying LULU stock? Here’s what analysts think:
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