Lululemon Issues Disappointing Profit Outlook for First Quarter of 'Investment Year'
NEW YORK (TheStreet) -- Shares of Lululemon Athletica inch higher on Thursday despite the yoga apparel retailer issuing a first-quarter profit outlook below analysts' expectations.
Shares of Lululemon
Lululemon reported earnings of $109.7 million, or 75 cents a share, for the period, beating the reduced profit forecast it issued in January of 71 cents to 73 cents a share.
Looking forward, the company forecast first-quarter profit of 31 cents to 33 cents a share on revenue of $377 million to $382 million. The forecast fell short of analysts' expectations of profit of 38 cents a share on revenue of about $389 million, according to Thomson Reuters.
Lululemon dealt with an array of challenges in 2013, including its decision to pull its black women's yoga pants from shelves after they were found to be too sheer.
WATCH: More videos from Brittany Umar
In a statement, new CEO Laurent Potdevin called 2014 an investment year, with an emphasis on strengthening the company's foundation, reigniting its product engine and accelerating sustainable and controlled global expansion.
At last check, shares of Lululemon were climbing about 0.5% to $48.23.
In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.