Lululemon cuts revenue forecast
13/01/2014
It said revenues will be in the range of $513 million to $518 million compared with its previous estimates of $535 million to $540 million
John Currie, lululemon's CFO, said: "We were on track to deliver on our sales and earnings guidance through the month of December; however, since the beginning of January, we have seen traffic and sales trends decelerate meaningfully.
"As we end 2013, we are starting to see the results of the significant investments we made throughout this past year to strengthen and enhance our back-of-house product operations structure. While we realise that it will require continued investment and time to get to best-in-class status, with our new leadership in place we are very focused on building on this stronger foundation to execute our long-term growth strategies."
The company last year suffered setbacks with a massive product recall and the departure of its chief product officer, Sheree Waterson, and CEO, Christine Day.
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