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NEW YORK - Sportswear maker Lululemon Athletica Inc. lowered its fiscal 2008 earnings outlook range slightly on Monday, citing higher spending on growth initiatives.
| LULU | 19.56 |  1.4 |
Lululemon shares fell $3.34, or 10.4 percent, to $28.88 in after-hours trading, after finishing regular trading up 23 cents at $32.22.
The Vancouver, British Columbia-based company said it now expects a profit of 68 cents to 71 cents per share, compared with an earlier estimate of 70 cents to 72 cents per share.
At the same time, Lululemon raised its revenue outlook for the year, saying it now expects sales of $380 million to $385 million compared with an earlier estimate of $370 million to $375 million.
The company said the change was related to strong sales at new stores and an earlier-than-expected new store opening calendar for the year.
Analysts polled by Thomson Financial expect a profit of 74 cents per share on $401.1 million in revenue.
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