The Daily Chase: Keystone outage enters second day; Lululemon reports earnings
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We’re continuing to track the fallout from the Keystone leak as more details emerge on the outage that has knocked the 600,000 barrel per day pipeline offline.
LULULEMON DROPS AS OUTLOOK FALLS SHORT
Shares of Lululemon are falling in the premarket – down about seven per cent at last check – after the company’s holiday quarter forecast came in short of the street’s expectations. While the athleisure-wear maker did raise its sales forecast for the full year to some US$8 billion, that wasn’t enough to satisfy the investment community as it digested something of a mixed quarter from the company. About that quarter – Lulu did beat expectations on profit and revenue, but there were some flies in the ointment. Notably, gross margin missed expectations, and inventories surged around 85 per cent, indicating the company is sitting on an excess of unsold goods – never great for business.
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