Lululemon Athletica Inc. fizzled some in the first quarter — with the company blaming some bad online buzz and disappointing product launches as it lowered its outlook for the year.
Net income fell 38 percent to $195 million from $314.6 million a year earlier. Still, earnings per share came in slightly better than expected at $1.69, which is 2 cents ahead of the $1.67 analysts forecast, according to Yahoo Finance.
Revenues for the quarter ended May 3 rose 4 percent to $2.5 billion, a 2 percent increase in constant currencies. Comparable sales slipped 2 percent in constant dollars.
Investors decided to take a big step back and traded shares of the company down 10.9 percent to $111.30 in after-hours trading on Thursday.
Sales in the Americas division fell 4 percent in constant currencies as the overseas operation saw sales increasing 16 percent in constant dollars.
