Lululemon pulls some yogawear products; cuts sales outlook

Mon Mar 18, 2013 6:29pm EDT
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TORONTO, March 18 (Reuters) - Lululemon Athletica Inc said on Monday it is pulling a whole section of women's yogawear products from store shelves because certain shipments received from its factories fell short of its standards.

Lululemon said the move will "have a significant impact" on its financial results and will lead to a shortage of its signature black Luon fabric yoga pants in its stores.

Shares of Vancouver, British Columbia-based Lululemon slid 5.9 percent to $62.00 in U.S. trading after the closing bell.

The company said it now expects fiscal first-quarter 2013 sales to be in the range of $333 million to $343 million, down from a prior view of $350 million to $355 million.

Lululemon said it is working to determine the impact on first-quarter earnings as well as the expected impact on its results for the balance of 2013. (Reporting by Euan Rocha; Editing by Leslie Adler)