Lululemon Stock Plunges 20% On Weak Q1 Profit Despite Revenue Growth

(RTTNews) - Lululemon Athletica Inc. (LULU) shares plummeted 20.01 percent to $264.60 on Friday, shedding $67.21, after posting first-quarter results that showed net income fell year-over-year despite higher revenue.

The stock opened at $271.11 and traded between $262.09 and $275.60 during the session, with volume surging to 11.7 million shares compared to an average of 2.5 million on the Nasdaq. Lululemon currently trades between a 52-week low of $226.01 and a high of $423.32.

The athletic apparel maker reported net revenue of $2.37 billion for the quarter ended April 28, up from $2.21 billion a year ago. However, net income dipped to $314.6 million from $321.4 million in the same period last year, raising investor concerns about profitability and margin pressures.