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Lululemon Athletica fiscal Q3 profit falls 11.5% YOY

Lululemon Athletica Inc. said its normalized net income for the fiscal third quarter ended Nov. 2 was 36 cents per share, compared with the S&P Capital IQ consensus estimate of 38 cents per share.

EPS declined 9.9% year over year from 40 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $51.9 million, a decrease of 11.5% from $58.6 million in the prior-year period.

The normalized profit margin dropped to 12.4% from 15.4% in the year-earlier period.

Total revenue climbed 10.4% on an annual basis to $419.4 million from $379.9 million, and total operating expenses grew 17.6% from the prior-year period to $338.2 million from $287.6 million.

Reported net income decreased 8.3% from the prior-year period to $60.2 million, or 42 cents per share, from $65.7 million, or 45 cents per share.