Lululemon Athletica Inc. on Thursday reported a bigger-than-expected fall in quarterly revenue as its business was limited to online operations due to store closures during coronavirus-led lockdowns, sending shares down 5 per cent.
Net revenue fell to US$652 million in the first quarter ended May 3 from US$782.3 million a year earlier. Analysts had forecast $688.4 million, according to IBES data from Refinitiv.
Net income came in at US$28.6 million, or 22 US cents per share, compared with US$96.6 million, or 74 US cents per share, a year earlier.
