Lululemon's shares drop after weak outlook

Shares of Lululemon Athletica Inc. fell about 18 percent Wednesday after the athletic-inspired sportswear company delivered a weak outlook for the current quarter.

The company says it earned $136.1 million, or 99 cents per share, for the three months that ended Jan. 29. That compares with $117.4 million, or 85 cents per share, in the year-ago period. Revenue came to $789.9 million, up 12 percent from $704.3 million a year earlier.

Analysts expected earnings of $1.01 per share on revenue of $783 million, according to FactSet analysts.

But Lululemon disappointed investors by saying it expects net revenue of $510 million to $515 million for the current quarter. Analysts had projected $553 million.

Shares were down $11.81 to $54.45 after rising 4 percent to $66.30 in regular trading.