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Company News

Lululemon Athletica's revenue falls more than expected, shares down

June 11 (Reuters) - Lululemon Athletica Inc on Thursday reported a bigger-than-expected fall in quarterly revenue as its business was limited to online operations due to store closures during coronavirus-led lockdowns, sending shares down 5%.

Net revenue fell to $652 million in the first quarter ended May 3 from $782.3 million a year earlier. Analysts had forecast $688.4 million, according to IBES data from Refinitiv.

Net income came in at $28.6 million, or 22 cents per share, compared with $96.6 million, or 74 cents per share, a year earlier.

Reporting by Nivedita Balu in Bengaluru; Editing by Devika Syamnath

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