Lululemon’s Sales Growth is Slowing Ahead of the Holidays

Lululemon Athletica Inc.’s fourth-quarter revenue guidance trailed Wall Street estimates, a rare miss for the retailer whose performance routinely exceeds investor expectations.

Sales growth at the activewear company, while still robust compared with most peers, is slowing as higher-income shoppers spend more on things like travel and entertainment rather than apparel. Lululemon said Thursday that revenue in the holiday quarter is expected…