Lululemon Athletica Inc (NASDAQ:LULU) shares are trading lower by 1.1% to $505.65 Friday morning. Shares of footwear and athletic apparel stocks are trading lower in sympathy with Nike, which fell after reporting mixed second-quarter results, lowering its outlook and announcing cost savings plans.
What Happened With Nike?
Nike exceeded analyst predictions for earnings per share, reporting $1.03 compared to an expected 85 cents, marking a 21.18% rise from the previous year. However, their revenue fell short of expectations, reaching $13.39 billion instead of the anticipated $13.43 billion, although it showed a slight increase of 0.55% from the same period last year.
On a positive note, the company’s gross margin grew by 170 basis points to reach 44.6%…Read More
According to data from Benzinga Pro, Lululemon has a 52-week high of $511.60 and a 52-week low of $286.58.
