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December 11, 2013
14:20 EDTLULUEarnings Preview: lululemon shares down 10% YTD ahead of Q3 results
Lululemon Athletica (LULU) is scheduled to report Q3 before the market open on Thursday, December 12, with a conference call scheduled for 9:00 am ET. Lululemon is a designer and retailer of yoga-inspired apparel operating primarily in North America and Australia. EXPECTATIONS: Analysts are looking for EPS of 41c on revenue of $376.14M, according to First Call. The consensus range for EPS is 39c-43c on revenue of $367.15M-$388.55M. LAST QUARTER: Lululemon reported Q2 EPS of 39c against estimates for 35c on revenue of $344.5M against estimates for $342.99M; same-store sales increased 8%. The company forecast Q3 EPS of 39c-41c on revenue of $370M-$375M, with a comparable-store sales percentage increase in the mid-single digits on a constant-dollar basis. Additionally, lululemon guided FY13 EPS $1.94-$1.97 on revenue of $1.625B-$1.635B. On its Q2 earnings conference call, lululemon said Q3 was off to a "weak start" driven primarily by late deliveries of fall products "leaving us with a summer product on the floor through August." NEWS: The company recently appointed Laurent Potdevin as the companyís CEO and a member of its board. Potdevin, who previously served as president of TOMS Shoes, will succeed Christine Day, who has served as the companyís CEO since 2008 and who announced her intention to resign in June. Chip Wilson, lululemonís founder and the chairman of its board, informed the board that he is resigning from the position of non-executive chairman. The board selected Michael Casey, lead director, as the next chairman of the board. Wilson came under fire in November after saying in an interview that women's bodies may be to blame for problems with the luxury workout wear. Wilson publicly apologized for his comments, saying he was "sad for the repercussions of [his] actions". Lululemon said it felt a securities fraud lawsuit claiming that the company meant to sell hundreds of thousands of nearly sheer yoga pants should get thrown out. The company said it did not hope the defect "would remain undiscovered" if customers wore the pants as intended. STREET RESEARCH: Sterne Agee believes that lululemon's new CEO's lack of public company experience and lack of retail experience may offset what appears to be his strong operational background at better brands. Oppenheimer said it expects the CEO pick to be viewed positively, given his fitness/lifestyle executive experience; Credit Suisse also viewed the selection positively. During the quarter, shares of the stock were initiated with a Neutral rating at Mizuho and with an Overweight rating at JP Morgan. The stock was downgraded at Sterne Agee to Underperform from Neutral, as the firm believes comments from founder Wilson "alienated" customers and sees decelerated 2014 same-store sales trends in 2014. PRICE ACTION: Over the last three months, lululemon shares are up down almost 1%. Year-to-date, shares are up down about 10%. Ahead of tomorrow's earnings, shares are down almost 1% in mid-day trading.
News For LULU From The Last 14 Days
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April 21, 2014
16:40 EDTLULUOn The Fly: Closing Wrap
Stocks on Wall Street were higher for the fifth straight session. Volume remained light on this Monday following Easter, as a number of international markets remained closed. The averages spent time on both sides of the flat-line early in the trading day before settling into a narrow range in positive territory for most of the second half of the session. ECONOMIC EVENTS: In the U.S., the Chicago Fed national activity index fell to 0.20 in March, matching the consensus forecast. The Conference Board's index of leading indicators rose 0.8% in March, beating the consensus forecast for an increase of 0.7%. COMPANY NEWS: Ford (F) is preparing to announce that its Chief Operating Officer, Mike Fields, will take the CEO role at the company following the retirement of current CEO Alan Mulally later this year, according to a report from Bloomberg. Shares of Ford were little changed for the session following the report, losing 2c, or 0.13%, to close at $15.98... U.S.-listed shares of British pharmaceutical company AstraZeneca (AZN) gained $5.61, or 8.84%, to $69.10 after the U.K.'s Sunday Times said Pfizer (PFE) has takeover interest in the company. Analysts had mixed opinions on the report, with Citigroup saying a bid looks "highly probable," while analysts at Bernstein think such a deal would conflict with Pfizer's strategy of getting smaller. Shares of Pfizer rose 61c, or 2.02%, to $30.86 following the report... MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), up $9.58, or 39.26%, to $33.98 after announcing plans to submit a New Drug Application to the FDA by the end of this year for the approval of eteplirsen for the treatment of Duchenne muscular dystrophy. Also higher was Advanced Micro Devices (AMD), which rose 43c, or 11.65%, to $4.12 after the semiconductor manufacturer reported earnings and revenue that topped expectations after the close on Thursday. Among the noteworthy losers was MoneyGram (MGI), down $2.01, or 13.57%, to $12.80 in its second straight losing session after Wal-Mart (WMT) announced that it was launching its own money transfer service. MoneyGram's slide today comes after the stock dropped by more than 18% on Thursday following Wal-Mart's announcement. Also lower was lululemon (LULU), down $2.64, or 5.11%, to $49.07 after analysts at Sterne Agee said the company's investor day presentation, held on Thursday, did not include a substantive plan to grow same-store sales. INDEXES: The Dow was up 40.71, or 0.25%, to 16,449.25, the Nasdaq was up 26.03, or 0.64%, to 4,121.55, and the S&P 500 was up 7.04, or 0.38%, to 1,871.89.
14:44 EDTLULULululemon shares weak after 'uneventful' analyst day
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08:46 EDTLULUlululemon Analyst Day uneventful, says Sterne Agee
Following lululemon's Analyst Day, Sterne Agee says that the company did not present a significantly substantive plan to increase its same-store sales. The firm thinks the company's product looks good, but that its women's product is too focused on its loyal customers. Sterne Agee keeps an Underperform rating on the stock.
07:34 EDTLULULululemmon granted dismissal of U.S. yoga pant lawsuits, Reuters says
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April 17, 2014
07:31 EDTLULULululemon faces increased competition in yogawear industry, Reuters says
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April 15, 2014
09:39 EDTLULUlululemon to host analyst day
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07:01 EDTLULUlululemon can ease competition concerns at analyst day, says Canaccord
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