Lululemon Drops 7% as Profitability, Sales Outlook Fall Short

Bloomberg2022-12-09

Yogawear maker reports a surge in inventory from year earlierHigher full-year sales projection falls short of expectationsLululemon Athletica Inc. shares dropped as lower-than-expected profitability ...

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Pigmonkey
2022-12-09
Pigmonkey
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AlanChong
2022-12-09
AlanChong
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Inventories surged from a year earlier — evoking similar problems experienced by retailers that have led to profit-busting markdowns.“Gross margins came in well below expectations, which is a concern, especially as inventories are up 85%,” Bloomberg Intelligence analyst Poonam Goyal said.On the company’s call with analysts, executives said the third quarter will be the high point for inventory. Chief Financial Officer Meghan Frank said the rate of inventory growth will moderate at the end of the fourth quarter.Lululemon raised its sales forecast for the full year ending in January to as much as $7.99 billion. While that’s up from the previous range of as much as $7.94 billion, the low end was still below analysts’ average estimate.The shares fell 9.2% in after-market trading in New York on Thursday. 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