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Lululemon continues to struggle in first quarter
Despite announcing a $450 million share buyback program in conjunction with its first-quarter results, Lululemon’s shares dropped 10% as it continues trying to regain its footing in an increasingly competitive field.
Net revenue for the quarter increased 11% to $384.6 million from $345.8 million in the prior-year quarter. Sales at stores and online inched up 1%, primarily driven by an online sales increase of 25%, which offset a 4% decrease same-store sales.
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Neiman Marcus swings to loss in 3Q
Dallas — Neiman Marcus saw adjusted profits slip in the third quarter, even as revenues and comps rose.
For the quarter ended May 3, the company reported a net loss of $2.7 million, compared with net income of $70.8 million in the year-ago period. On an adjusted basis, however, the company reported earnings of $45.1 million compared with $78.7 million last year.
Also in the quarter, the company reported total revenues of $1.16 billion, up from $1.10 billion in the year-ago period. Same-store sales rose 5.9%.