(Reuters) -Lululemon Athletica forecast annual revenue and profit below expectations on Thursday as demand wanes for the apparel retailer's premium...
-Lululemon Athletica forecast annual revenue and profit below expectations on Thursday as demand wanes for the apparel retailer's premium athleisure mainly in the North American region, sending its shares down nearly 11% in extended trading.
The company projected fiscal 2024 revenue of between $10.70 billion and $10.80 billion, compared with analysts' estimates of $10.90 billion, according to LSEG. It expects profit between $14 and $14.20 per share, the midpoint of which was below expectations of $14.13. However, Lululemon posted fourth-quarter revenue of $3.21 billion, beating expectations of $3.19 billion, mainly on the back of new styles for both men and women, such as Cityverse, a casual sneaker, as well as Beyondfeel and Beyondfeel Trail running shoes.
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