Shares of women’s clothing and accessories provider Lulu’s Fashion Lounge (NASDAQ:LVLU) are plummeting today after the company’s third-quarter numbers failed to beat estimates.
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While a top line of $105.28 million displayed a marginal contraction, EPS of $0.02 came in well short of the Street’s expectations by $0.07.
Further, the company is seeing gains in repeat customers, active customers, as well as average order value, but a challenging macro environment continues to weigh on its performance.
Consequently, LVLU has scaled back its guidance for 2022. Net revenue is anticipated between $425 million and $440 million as compared to the earlier expectations between $440 million and $480 million.
Adjusted EBITDA is expected to hover between $25 million and $31 million versus the earlier outlook between $35 million and $45 million.
LVLU shares are now down 37.3% year-to-date while short interest in the stock remains elevated at nearly 10%.
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