Lululemon Athletica Falls 3% Amid Reports Of A Sales Decline

Lululemon Athletica inc. LULU fell Monday amid a report from Bloomberg that ITG Market Research forecasted a decline in sales for the company.

The ITG report saw Q3 sales of $408 million versus the consensus estimate of $425 million. According to the report, the decline in sales was driven by traffic and a reduced basket size, -6 percent year over year for September versus -5 percent for August year over year.

The firm was reportedly skeptical of management's guidance that comparable store sales trends will accelerate.

Lululemon has fallen 12.79 percent over the past month and this report follows news that Thornburg Investment Management recently cut its holdings in the company.

Lululemon Athletica Inc. recently traded at $39.05, down 3.2 percent.