Lululemon Athletica Inc. shares dropped to their lowest level in four years as analysts raised fresh concerns about the company’s ability to hit financial targets due to ongoing product execution issues and slowing active wear trends.
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Lululemon has paused sales of its Breezethrough yogawear to “make any adjustments necessary to deliver the best possible product experience,” a company spokesperson said in an emailed statement to Bloomberg News Wednesday.The decision prompted JPMorgan to remove Lululemon from its list of top stock picks. The Breezethrough product line halt removes a key revenue driver for the retailer in the back half of the year, analysts led by Matthew Boss, said in a note on Thursday.
Meanwhile, Citigroup downgraded its rating on Lululemon shares to neutral from buy, saying its credit card data suggests active apparel trends further decelerated in the second quarter. On the company’s June conference call, CEO Calvin McDonald stated that revenue growth would accelerate in the second half of the year, helped by “upcoming product launches and innovation.”
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