UPDATE: Lululemon stock bounces back after earnings
Lululemon Athletica Inc. (LULU) shares dropped in late trading Thursday after the athletic-wear company reported earnings that beat expectations, but managed to claw back to slight gains before the end of the extended session. Lululemon reported earnings of 71 cents a share on revenue of $747.7 million, up from $619 million a year ago. After adjustments for taxes and other effects, the company claimed earnings of 75 cents a share, up from 56 cents a share in the year-ago quarter. Analysts on average expected adjusted earnings of 69 cents a share on sales of $738 million, according to FactSet. The company also increased its guidance for full-year profits, and met analysts' expectations for its fourth-quarter forecast. The stock immediately plunged about 10% after the numbers were released, but then clawed back to a 0.4% gain at the end of after-hours trading. Shares closed with a 1.6% decline at $131.44, but have gained 67.3% so far this year, as the S&P 500 index has gained 1%.
-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 06, 2018 19:41 ET (00:41 GMT)
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