Shares of Lululemon plunged 18% overnight after a disappointing fiscal Q2 earnings report, and Michael Burry, whose portfolio's top holding is LULU, called the company a 'trickster' while signaling plans to buy more if the stock stays under $100. Burry, who had anticipated a weak quarter, said he will buy more if it trades under $100, noting the stock is down about 20% from his last purchase and that LULU makes up about 17.4% of his portfolio. The company cut its full-year sales guidance again and reported a larger-than-expected sales decline, with China disappointing and rivals gaining ground in the U.S. Interim co-CEO Meghan Frank said the company is taking a prudent approach with its revised outlook, focusing on strengthening products and increasing marketing investments. Separately, Burry called his investment in Tailored Brands a mistake, though not a big one, and said the bankruptcy was odd in many ways.
Lululemon Athletica Inc.Disappointing Q2 earnings and cut full-year sales guidance.
