Lululemon issued a weak outlook for the current quarter and lowered its forecast for the full year Thursday. The yoga clothing maker took those steps as it said its profit slipped in the second quarter.
For the quarter ended Aug. 4, Lululemon reported net income of $56.5 million, or 39 cents per share, down from $57.2 million, or 39 cents per share, a year ago.
For the current quarter, the company projected a profit of 39 cents to 41 cents per share. Analysts expect earnings of 45 cents per share.
For the full year, Lululemon said it now expects earnings of $1.94 to $1.97 per share on $1.63 billion to $1.64 billion in revenue. That’s down from its June predictions of earnings between $1.96 and $2.01 per share and revenue of $1.65 billion to $1.66 billion.