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Stock Alert: Lululemon Drops 5%

Shares of athletic apparel retailer Lululemon Athletica Inc. (LULU) are falling more than 5% Wednesday morning following second-quarter earnings.

The company did not provide guidance over uncertainty due to the impact of the pandemic.

Lululemon, however, reported better-than-expected second-quarter results. Adjusted earnings were $0.74 for the second quarter, beating the average estimate of analysts polled by Thomson Reuters at $0.55.

Net revenue for the quarter also increased 2% year-over-year at $902.9 million.

LULU is currently trading at $331.28. It has traded in the range of $128.84- $399.90 in the past one year.

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