Shares fell $7.96 to close at $60.39.
The Vancouver-based company, which has been under fire this year for product snafus and controversial statements made by its founder, said it estimates revenue for the year to be between $1.605 billion and $1.61 billion. In August, it predicted yearly revenue in the range of $1.625 billion to $1.635 billion.
Earnings for the year are now expected to be between $1.94 and $1.96 per share vs. the previous forecast of $1.94 to $1.97.
Earlier this week, Lululemon's founder Chip Wilson said he would step down from his role as non-executive chairman of the board prior to the company's meeting in June 2014. His decision to follows a statement Wilson made during a TV interview that some women's bodies "just don't actually work" for his company's products, as thighs rubbing over time will cause pilling -- the bunching up of fabric on the clothes.
In March, Lululemon pulled its popular Luon black yoga pants from stores following customers' complaints that they were too sheer. With new products in stores, customers continued to complain about sheerness, as well as holes and seams that were coming apart after a few months of wear.
Lululemon also said Thursday that its net income for the quarter ended Nov. 3 rose 15% to $66.1 million. It earned 45 cents per share, beating analysts' estimate of 41 cents. Revenue for the quarter rose 20% from a year ago to $379.9 million.
Contributing: The Associated Press
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