Yoga clothing maker Lululemon ups revenue outlook but now expects gross margins to fall rather than rise as stock dips by roughly 10%.
Lululemon Athletica Inc. stock fell by more than 10% on Monday after the yoga clothing maker said it will fall short of Wall Street’s earnings projections as its gross margins drop instead of rise.
Lululemon... Lululemon Athletica Inc. stock fell by more than 10% on Monday after the yoga clothing maker said it will fall short of Wall Street’s earnings projections as its gross margins drop instead of rise. “Looking ahead we see dark clouds forming with difficult compares, peak margins, high inventory, and rising competition,” Jefferies analyst Randal J. Konik said in a research note. “Elevated promotional activity and markdown risk is likely to weigh on margins going forward.”Lululemon said gross margins in the fourth quarter will drop by 90 basis points to 110 basis points, compared with prior guidance of a rise of 10 to 20 basis points.
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