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Here's Why Lululemon (LULU) Dropped After Reporting Q1 Earnings
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Shares of athleisure giant Lululemon (LULU - Free Report) are falling in Friday afternoon trading, now down 5.6%, after reporting Q1 earnings that missed top and bottom line estimates. Revenue fell 17% year-over-year to $651.96 million, and earnings came to 22 cents per share.
The company did not report same-store sales because of temporary store closures and did not provide full-year guidance.
However, direct-to-consumer sales through its website and app jumped 70% to $352 million and accounted for 54% of total revenue in the first quarter. Just in April, online sales soared 125%.
Management does not expect to return to earnings growth until Q4, but CEO Calvin McDonald is optimistic for the future, saying “Demand for the brand and the demand for the category I feel has only strengthened through this.”
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
Here's Why Lululemon (LULU) Dropped After Reporting Q1 Earnings
Shares of athleisure giant Lululemon (LULU - Free Report) are falling in Friday afternoon trading, now down 5.6%, after reporting Q1 earnings that missed top and bottom line estimates. Revenue fell 17% year-over-year to $651.96 million, and earnings came to 22 cents per share.
The company did not report same-store sales because of temporary store closures and did not provide full-year guidance.
However, direct-to-consumer sales through its website and app jumped 70% to $352 million and accounted for 54% of total revenue in the first quarter. Just in April, online sales soared 125%.
Management does not expect to return to earnings growth until Q4, but CEO Calvin McDonald is optimistic for the future, saying “Demand for the brand and the demand for the category I feel has only strengthened through this.”
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>