By Wallace Witkowski
Lululemon stock wobbles after earnings beat
Lululemon Athletica Inc. LULU (NAS:LULU) shares fluctuated between slight gains and losses in the extended session Tuesday after the athletic apparel company topped Wall Street estimates for the quarter. Lululemon shares, which had been down as much as 2% after hours, were last up 1.4%, following a 3.2% decline in the regular session to close at $349.80. The company reported second-quarter net income of $86.8 million, or 66 cents a share, compared with $125 million, or 96 cents a share, in the year-ago period. Adjusted earnings were 74 cents a share. Revenue rose to $902.9 million from $883.4 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 56 cents a share on revenue of $844.5 million. The company said it was not providing an outlook because of COVID-19, but Chief Executive Calvin McDonald said in a statement, “We are cautiously optimistic with regard to the second half of the year as we continue to navigate the uncertain environment.” Analysts expect earnings of 94 cents a share on revenue of $977.6 million in the third quarter.