Lululemon Athletica inc. shares fell more than 10 per cent in pre-market trading after the fashion retailer said its sales have dropped off in January and its fourth-quarter results will be lower than expected.
Lululemon's chief financial officer, John Currie, says the company was on track to meet its targets through December but there's been a significant drop in customer visits and sales this month.
The Vancouver-based company says it now expects its fourth-quarter revenue and profit will be significantly lower than its previous estimate.
Its shares were down about 13 per cent at US$51.78 about an hour before the start of regular trading, but the stock had been even lower earlier in the morning.
Lululemon's stock closed Friday at US$59.60 on the Nasdaq market.
The shares had already dropped significantly on Dec. 12, a few days after the company announced it had hired a new chief executive officer — Laurent Potdevin — and said Lululemon founder Chip Wilson would step aside as chairman of the board of directors.
Wilson ignited a public relations crisis for the company in November by suggesting to Bloomberg TV that Lululemon's yoga pants don't work well for some women.
Analysts had been expecting Lululemon's actual results to be slightly above the company's previous guidance on revenue and earnings.
Lululemon's new revenue range is between $513 million and $518 million, about $22 million lower than the previous guidance.
The company's new estimate for diluted earnings per share is between 71 and 73 cents per share, a reduction of seven cents.
Analysts had estimated 79 cents per share of adjusted earnings, according to Thomson Reuters.
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