Lululemon Athletica Inc.
(NASDAQ:LULU) stock plunged in premarket trading Friday after the athletic apparel retailer reported mixed first-quarter results, issued second-quarter guidance well below Wall Street expectations, and lowered its full-year outlook.
Revenue Tops Estimates, Earnings Miss Lululemon reported first-quarter revenue of $2.47 billion, up 4% from a year earlier and ahead of analysts' estimates of $2.43 billion.
On a constant-currency basis, revenue increased 2%.
Adjusted earnings came in at $1.69 per share, narrowly missing consensus estimates of $1.70 per share.
