Shares in Lululemon plunged 17% in late trading Wednesday after the retailer said it expects a same-store sales decrease in the low single digits for the first quarter of fiscal 2017, due to a spring assortment “lacking depth and color … compounded with visual merchandising that did not powerfully translate our design vision,” CEO Laurent Potdevin said on an earnings call with analysts, according to a transcript provided by Seeking Alpha.
The company also reported that fourth quarter net revenue rose 12% to $789.9 million from the year-ago quarter. Q4 total same-store sales including e-commerce, rose 8%, or 7% on a constant dollar basis.
