×
79 390
Fashion Jobs
PUMA
sr. Program Manager – Brand Marketing
Permanent · Somerville
MACY'S
Asset Protection Captain, Chandler Fashion Center - Full Time
Permanent · Chandler
MACY'S
Asset Protection Detective, Montclair Plaza - Full Time
Permanent · Montclair
MACY'S
Asset Protection Security Guard, Fordham Place - Full Time
Permanent · Bronx
MACY'S
Asset Protection Security Guard, Center City - Standard Part Time
Permanent · Philadelphia
MACY'S
Asset Protection Detective, Concord - Full Time
Permanent · Wilmington
MACY'S
Asset Protection Detective, Florida Mall - Full Time
Permanent · Orlando
MACY'S
Asset Protection Detective, Rosedale Center - Flex
Permanent · Roseville
MACY'S
Asset Protection Security Guard, Evergreen - Standard Part Time
Permanent · Evergreen Park
MACY'S
Asset Protection Detective, Monroeville - Standard Part Time
Permanent · Monroeville
MACY'S
Asset Protection Officer, Columbus - Full Time (2840)
Permanent · Columbus
MACY'S
Asset Protection Captain, Ala Moana - Full Time
Permanent · Honolulu
MACY'S
Asset Protection Detective, Galleria at Houston - Full Time
Permanent · Houston
MACY'S
Asset Protection Detective, Garden State Plaza - Full Time
Permanent · Paramus
MARC JACOB'S
Sales Operations Coordinator
Permanent · New York
ABERCROMBIE AND FITCH CO.
IT Support Noc Specialist
Permanent · Columbus
SALLY BEAUTY HOLDINGS LLC
Facility Maintenance Manager
Permanent · Jacksonville
NORDSTROM
Retail Stock & Fulfillment - Valley Fair
Permanent · San Jose
NORDSTROM
Area Manager - Asset Protection - mo/ia/ks
Permanent · St. Louis
NORDSTROM
Asset Protection Agent - Palo Alto
Permanent · Palo Alto
NORDSTROM
Retail Stock & Fulfillment - Easton Town Center
Permanent · Columbus
NORDSTROM
Retail Stock & Fulfillment - Brea Mall
Permanent · Brea
By
Reuters
Published
Jun 11, 2013
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Lululemon CEO to step down

By
Reuters
Published
Jun 11, 2013

Lululemon Athletica, its fortunes dented by an embarrassing and costly recall of excessively see-through pants, has said that Chief Executive Christine Day will step down once it finds a replacement.

Lululemon shares slumped as much as 15 percent after the news of Day's surprise departure, which came just three months after the company's second major quality issue in less than a year. Lululemon's chief product officer left in April.

Christine Day | Source: Lululemon

"This was a personal decision of mine and, look, it's never perfect time to leave a company that you love. I've had a great run at Lululemon over the past five and-a-half years and I'm really proud of what the team and I have accomplished," Day said during a conference call with analysts.

Vancouver-based Lululemon carved out a lucrative niche with its high-end, fashionable yogawear, building a reputation for clothes that can withstand years of sweaty yoga classes and hundreds of washes.

It has said the recall of the stretchy black pants could cost up to $40 million profit this year, with most of the impact coming in the second quarter. But it reported a slightly better-than-expected first-quarter profit, as it brought its top-selling pants back onto store shelves.

Lululemon said it was announcing Day's departure now so that its board has time to conduct a thorough hunt for a replacement.

Day said in March that her team was "devastated" by the recall. The company's Taiwanese supplier said it had followed Lulu's specifications, and the retailer had apparently misjudged customer tastes.

The pants recall came eight months after Lulu admitted problems with dye bleeding from some bright garments, raising fresh questions about whether it could sustain a fast-track growth record while maintaining high quality standards.

BUILDING THE MARKET


Lululemon made form-fitting yoga pants a wardrobe staple, effectively creating the market for premium women's athletic wear. Targeting young professional women, it built a reputation for quality in Canada before tackling the tough U.S. market.

But a cluster of rivals have since rolled out more yoga and running wear, typically at lower prices, heating up competition. They include brands from Under Armour, Nike and Gap's Athleta banner.

Lululemon said net income for the quarter to May 5 edged just slightly higher to $47.3 million, or 32 cents a share, from $46.6 million, or 32 cents, a year earlier. Analysts had, on average, expected a profit of 30 cents a share. Revenue rose 21 percent to $345.8 million.

Same-store sales rose 7 percent in the first quarter, a sharp slowdown from a year earlier, when sales were up 25 percent.

That growth will remain sluggish into the current quarter, when Lululemon expects sales at established stores to rise between 5 and 7 percent, down from a 15 percent gain in the same period last year.

It sees second-quarter revenue of $340 million to $345 million and earnings per share between 33 and 35 cents.

Lululemon will voluntarily delist its shares from the Toronto Stock Exchange at the close of trading on June 24 because the "minimal trading volume" does not justify the cost of a dual listing.

© Thomson Reuters 2022 All rights reserved.