Lululemon stock surges after company boosts profit outlook, stock buybacks

) rose about 4% on Thursday after the company boosted its full-year profit outlook and raised its stock repurchase program by $1 billion.

The report came as investor concerns mount over the company's slowing sales growth amid growing competition in the athleisure space from. Prior to the earnings release, Lululemon stock was down about 40% to start 2024, making it one of the worst performers in the S&P 500 shares are trading slightly lower early Thursday after the tech giant's market cap briefly topped $3 trillion for the first time on Wednesday.

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