(Reuters) -Lululemon Athletica cut its annual sales and profit forecasts on Thursday, as demand for its pricey leggings and tank tops slowed in North America...
- Lululemon Athletica cut its annual sales and profit forecasts on Thursday, as demand for its pricey leggings and tank tops slowed in North America amid selective consumer spending .
Its women's business has taken a hit from slower innovation in seasonal apparel, lower stock of smaller sizes and color and product missteps. "We are optimistic that we will begin to see the benefits of these strategies over the upcoming quarter."The company's shares have declined about 14% in the last three months as investors braced for a forecast cut. They have lost nearly half of their value this year.
The company expects fiscal 2024 net revenue in the range of $10.38 billion to $10.48 billion compared with a prior forecast of $10.70 billion to $10.80 billion.
Profit Forecasts Consumer Spending Athleisure Wear Annual Sales North America Tank Tops Comparable Sales
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