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Lululemon Sees Annual Sales, Profit Below Estimates on Weaker Accessories Demand

Lululemon Athletica Inc. shares tumbled after the company warned that financial results will come at the low end of previous guidance, saying the Omicron coronavirus variant was constraining its operations.
Shares of the Vancouver, Canada-based company fell 9 percent in extended trading. (Shutterstock)

Apparel retailer Lululemon Athletica on Thursday forecast annual revenue and profit below expectations, pressured by sluggish demand for the company’s premium athleisure and accessories.

Shares of the Vancouver, Canada-based company fell 9 percent in extended trading.

Consumers are reducing their spending on luxury clothing and accessories, a trend evident among several US retailers such as Foot Locker, which has noted a decline in demand.

The premium apparel retailer forecast a profit in the range of $14.00 to $14.20 per share for fiscal 2024, compared to expectations of $14.13 per share.

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Lululemon projected fiscal 2024 revenue to range between $10.70 billion and $10.80 billion. Analysts on average had expected $10.90 billion.

Reporting by Annett Mary Manoj; Editing by Ravi Prakash Kumar

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