Lululemon stock falls 8% after lowering yearly profit outlook
Business
Lululemon's stock slid 8% on Friday after the company lowered its yearly profit outlook, making investors nervous about what's next.
The brand has been having a rough time lately, with drama between its founder and company leadership plus some product flops that haven't helped its image.
Heidi O'Neill to lead in September
Sales are forecast to decline in the second quarter since 2020, and profits could fall by up to 17% this year.
Shares just hit a seven-year low at $109.36, while competitors like Alo and Vuori are picking up steam.
Incoming CEO Heidi O'Neill, formerly of Nike, takes over in September, and she'll have her work cut out for her as Lululemon tries to win back fans and investors.