Yogawear retailer Lululemon's quarterly profit falls 12 pct

Canadian yogawear retailer Lululemon Athletica Inc reported a 12 percent fall in third-quarter profit as costs soared.

Gross profit as a percent of net revenue fell to 46.9 percent in the three months ended Nov. 1 from 50.3 percent a year earlier.

Selling, general and administrative expenses rose 20.5 percent to $156.6 million, while cost of goods sold rose 22.4 percent to $254.9 million.

The company's net income fell to $53.2 million, or 38 cents per share from $60.5 million, or 42 cents per share, a year earlier. However, revenue rose 14.4 percent to $479.7 million.

Lululemon cut the upper end of full-year revenue estimate to $2.03 billion-$2.04 billion from $2.03 billion-$2.06 billion.