By
Reuters
Reuters
Published
Dec 9, 2015
Dec 9, 2015
Yogawear retailer Lululemon 's quarterly profit falls 12 pct
By
Reuters
Reuters
Published
Dec 9, 2015
Dec 9, 2015
Canadian yogawear retailer Lululemon Athletica Inc reported a 12 percent fall in third-quarter profit as costs soared.
Gross profit as a percent of net revenue fell to 46.9 percent in the three months ended Nov. 1 from 50.3 percent a year earlier.
Selling, general and administrative expenses rose 20.5 percent to $156.6 million, while cost of goods sold rose 22.4 percent to $254.9 million.
The company's net income fell to $53.2 million, or 38 cents per share from $60.5 million, or 42 cents per share, a year earlier. However, revenue rose 14.4 percent to $479.7 million.
Lululemon cut the upper end of full-year revenue estimate to $2.03 billion-$2.04 billion from $2.03 billion-$2.06 billion.
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