Lululemon shares plunged 15% on Thursday after the retailer posted disappointing quarterly results and lowered its full-year outlook. The company reported a 4% decline in revenue and a 9% decrease in comparable sales for the second fiscal quarter. For the third quarter, Lululemon expects revenue between $2.29 billion and $2.32 billion, down roughly 10% to 11% from the prior year. Full-year revenue guidance was cut to $10.35 billion to $10.5 billion, versus the previous forecast of $11 billion to $11.15 billion. New CEO Heidi O’Neill will take the helm next week.
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