Lululemon's Stock Falls To Bottom Of S&P 500 Indexlululemon's Stock Falls To Bottom Of S&P 500 Index

2024-08-09 01:52:06

(MENAFN- Baystreet) The stock of Canadian athletic apparel company Lululemon (LULU) has fallen to the bottom of the benchmark S&P 500 index.

The Vancouver-based company's stock is now listed last in terms of performance this year among 503 Stocks that comprise the main U.S. index.

Having declined 40% so far in 2024, Lululemon's stock has now dropped below other market laggards such as Tesla (TSLA), Intel (INTC) and Boeing (BA).

The decline comes after Lululemon issued financial results that included weak forward guidance and signs of slowing sales. The stock slid 10% in recent days after Chief Product Officer Sun Choe left the company.

The drop in Lululemon's stock is a reversal for what had long been a strong market outperformer and one of the best-performing Canadian equities.

Investors and some analysts are concerned about the company's outlook, citing soft sales and rising competition.

The stock currently retains a consensus“moderate buy” rating among 22 professional analysts who cover the company.

Through 12 months, Lululemon's stock is now down 10% and currently trading at $303 U.S. per share. Over the past five years, the company's share price is up 83%.

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