Lululemon Athletica 2Q forecast below expectations

Canadian athletic apparel maker Lululemon Athletica Inc. provided a second-quarter earnings forecast Thursday below analysts' estimates after reporting its first-quarter profit dropped.

The company anticipates second-quarter earnings in a range of 8 cents to 9 cents per share on revenue between $85 million and $90 million.

Analysts surveyed by Thomson Reuters predict second-quarter profit of 11 cents per share on sales of $83.1 million. Analysts' estimates typically exclude one-time items.

Lululemon Athletica also anticipates a second-quarter same-store sales decline in the mid-single digits.

The company said its first-quarter profit fell 24 percent to 9 cents per share as consumers continued to tighten their spending, but still beat Wall Street's forecast earnings of 8 cents per share.

In premarket trading, Lululemon shares fell $1.26, or 8.3 percent, to $13.96.