Shares of athletic apparel company Lululemon Athletica (NASDAQ: LULU) sank on Friday after the company reported financial results for its fiscal fourth quarter of 2023. As of 10 a.m. ET, Lululemon stock was down 17%.

Lululemon is a fast-growing company, and Wall Street's expectations are consequently sky-high -- expectations that will go unmet in 2024. The company reported its fiscal 2023 numbers yesterday afternoon. But its financial guidance for fiscal 2024 is what's rattling investors.

Lululemon says it can generate net revenue of $10.7 billion to $10.8 billion in fiscal 2024. This would be growth of 10% to 11%. While double-digit growth is good, analysts had expected something better. Therefore, they're largely lowering their price targets for Lululemon stock to reflect its slower-than-expected growth.

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Source Fool.com