(Reuters) - Apparel retailer Lululemon Athletica on Thursday forecast annual revenue and profit below expectations, pressured by sluggish demand for the company's premium athleisure and accessories.
Shares of the Vancouver, Canada-based company company fell 9% in extended trading.
Consumers are reducing their spending on luxury clothing and accessories, a trend evident among several U.S. retailers such as Foot Locker, which has noted a decline in demand.
The premium apparel retailer forecast a profit in the range of $14.00 to $14.20 per share for fiscal 2024, compared to expectations of $14.13 per share.
Lululemon projected fiscal 2024 revenue to range between $10.70 billion and $10.80 billion. Analysts on average had expected $10.90 billion.
(Reporting by Annett Mary Manoj in Bengaluru; Editing by Ravi Prakash Kumar)
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