- Lululemon Athletica Inc's profit rose but sales growth in existing stores slowed from the previous quarter, and its shares dropped after it said it saw no substantial pickup in the current quarter. The company said sales at established stores rose 16 percent in the third quarter ended Oct. 30.
- In the previous quarter, same-store sales rose 20 percent, and the company forecast a third-quarter slowdown in growth to the low to mid-teens in percentage terms.
- Even as it slightly topped that outlook, on Thursday the company made the same forecast for the fourth quarter.
- The Vancouver-based retailer said on Thursday its third quarter profit rose to $38.8 million, or 27 cents a share, from $25.7 million, or 18 cents, a year earlier. Revenue rose 31 percent to $230.2 million.
- Analysts surveyed by FactSet Research were looking for earnings of 25 cents a share, on average, with sales of $235.7 million. For the fourth quarter, the Vancouver-based retailer predicts earnings in the range of 40 cents to 42 cents a share. Wall Street anticipates earnings of 42 cents a share.
- Gross profit for the quarter increased 33% to $128.5 million, and as a percentage of net revenue gross profit increased to 55.8% for the quarter from 55.1% in the third quarter of fiscal 2010.