Lululemon Plunges 9% After Earnings

Athletic apparel maker Lululemon LULU released its Q3 earnings results on Thursday morning prior to the opening bell. The company reported net income of $38.79 million or $0.27 per share compared to $25.7 million or $0.18 per share in the year ago period. This compared to analysts' consensus EPS estimates of $0.25 per share. Net revenues came in at $230.22 million, a 31% increase over the $175.8 million that LULU reported in last year's fiscal third quarter. This missed analysts' consensus revenue estimates of $235.74 million. During Thursday's trading session, the stock has lost nearly 10% to $44.78. The move is coming on heavy volume with more than 18.4 million LULU shares already trading hands on the day compared to daily average volume of 3.3 million. lululemon athletica inc. is a designer and retailer of technical athletic apparel operating primarily in North America and Australia. The Company's yoga-inspired apparel is marketed under the lululemon athletica brand name.