Lululemon cuts 4th quarter forecast as sales dip in January

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Upscale yogawear retailer Lululemon Athletica cut its forecast for the fourth-quarter due to weak sales in January.

The company expects net revenue to range between $513 million and $518 million for the quarter ending Feb. 2, down from $535 million to $540 million earlier.

The company expects to earn between 71 cents and 73 cents per share, down from its earlier estimate of 78 cents and 80 cents.

The forecast is based on comparable-store sales in the negative low-to-mid single digits on a constant-dollar basis.

(Read more: Lululemonfounder departs after criticizing customers)

--By Reuters