The Globe and Mail reports in its Friday, Dec. 8, edition that Lululemon athletica on Thursday forecast fourth quarter revenue and profit below expectations, signalling a bleak holiday season. A Reuters dispatch to The Globe reports that Lululemon had enjoyed buoyant demand for its clothing in the last several quarters but with costs of living trending higher, some of its customers have started trimming down spending on premium clothing. Lululemon expects fourth quarter net revenue between $3.14-billion and $3.17-billion, and profit between $4.85 and $4.93 a share, both below analysts' estimates, according to LSEG data (all figures U.S.). Even though Thanksgiving weekend sales showed optimism among customers, some consumers have either largely cut back on spending or are waiting to shop closer to Christmas. However, Lululemon's third quarter gross margins were up 110 basis points to 57 per cent, helped by easing costs of production and lower freight expenses. The company also beat third quarter results and raised annual profit as well as revenue forecasts. Lululemon now expects full-year 2023 profit between $12.34 and $12.42 a share, compared with its prior forecast of $12.02 to $12.17.