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2014 an investment year for Lululemon

27/03/2014
2014 an investment year for Lululemon
The CEO of Canadian yogawear brand Lululemon has declared 2014 an "investment year" as the company reported a 2% decline in comparable store sales in the fourth quarter, which ended on February 2.

Revenue for the fiscal year increased 16% to $1.6 billion while profit increased 10% to $840.1 million - a slowing of the rapid growth which led to a 37% rise in sales in 2012.

Laurent Potdevin, who joined the company in December, said: “ As we move into 2014, we are reflecting on our learnings with humility, and are entirely focused on our future. 2014 is an investment year with an emphasis on strengthening our foundation, reigniting our product engine, and accelerating sustainable and controlled global expansion.”

The company suffered a series of setbacks in 2013, most notably having to pull stocks of luon pants that were deemed too sheer, and the departures of chief product officer Sheree Waterson and CEO Christine Day.

Mr Potdevin added that the company would focus on promoting its “distinct culture”. “The emotional connection that Lululemon creates is at the heart of what we stand for, and we are being relentless in our commitment to delivering a distinct and authentic experience that is unlike any other."



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