On Monday, March 29, 2021, pedestrians wearing protective masks pass by the Lulu Lemon store in San Francisco, California.
David Paul Morris | Bloomberg | Getty Images
Lululemon On Monday, retailers said fourth-quarter earnings and earnings were likely to reach the lower end of expectations due to staff shortages and shorter business hours as Covid’s cases surged again in the United States. Stocks fell in pre-market trading
After closing on Friday, stocks fell about 7% to $ 355.21, down 3.7%.
Lululemon said in Press release Fourth-quarter sales are expected to be at the bottom of the range of $ 2.125 billion to $ 2.165 billion. Adjusted earnings per share are also forecast towards the lower end in the range of $ 3.25 to $ 3.32.
Analysts were looking for an adjusted earnings of $ 3.34 per share for $ 2.17 billion in sales, according to Refinitiv’s estimates.
Calvin McDonald, Chief Executive Officer of Lululemon, said:
Many retailers see labor problems worsening as staff get sick and are exposed to Covid-19 due to the presence of highly contagious variants of Omicron. ..
Department store operator Macy’s For the rest of the month, we’ve reduced business hours across the country.While being a large retailer Walmart In December, we temporarily closed about 60 hotspots for coronavirus.
Read the full Lululemon press release here..
According to Lululemon, fourth-quarter earnings are down due to Omicron.
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