Lululemon Shares Tumble 18 Percent on Growth Concerns
Lululemon Athletica shares dropped sharply to an eight-year low as a reduced annual forecast raised concerns about a prolonged turnaround under incoming CEO Heidi ONeill. Declining sales in key categories and rising competition added pressure to the retailer.
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LULULEMON ATHLETICA INC shares tumbled 18% to an eight-year low on Friday after cutting its annual forecast, fanning worries of a prolonged overhaul. The drop erases about $2.5 billion in market value, extending the stock's decline this year to 52%. Incoming leadership faces waning demand for core leggings and stiff competition from newer rivals.
