Lululemon shares plunged 15% after the apparel retailer reported a 4% revenue decline and a 9% drop in comparable sales for its second fiscal quarter, while lowering its full-year outlook. The company now expects annual net revenue of $10.35 billion to $10.5 billion, down 5% to 7% and below its previous forecast of $11 billion to $11.15 billion. Full-year earnings are projected at $9.48 to $9.73 per share, compared with the earlier guidance of $10.95 to $11.15. For the third fiscal quarter, Lululemon expects revenue of $2.29 billion to $2.32 billion and earnings of 93 cents to 98 cents per share. Second-quarter net income fell to $329.2 million, or $2.92 per share, from $370.9 million, or $3.10 per share, a year earlier. Gross profit declined 1% to $1.5 billion, while gross margin increased 5.6%, helped by a $134.5 million tariff refund. The revised annual outlook includes a boost from tariff refunds. The results were presented against Wall Street expectations based on an LSEG analyst survey. Lululemon has also faced criticism from founder Chip Wilson as it works to restore customer appeal and business momentum. New CEO Heidi O'Neill is scheduled to take the reins next week.