‘Transitional’ Lululemon reports Q1 rise
Canadian yogawear brand Lululemon has announced an 11% increase in first-quarter revenue to $384.6 million in the first signs that it is putting last year’s ‘sheer fabric’ setback behind it.
Profit for the quarter increased 15% to $195.7 million, although profit for the first quarter of fiscal 2013 included a provision of $17.5 million related to the pull-back of black Luon pants.
Laurent Potdevin, lululemon's CEO, stated: "We are pleased that Q1 results were slightly ahead of our expectations. 2014 is very much a transitional year for Lululemon, and we are on track with the improvements we have set out to achieve.”
After a shake-up of senior management that saw the departure of CEO Christine Day and chief product officer Sheree Waterson, chief financial officer John Currie has announced he will retire at the end of the fiscal year.
“John played an integral role in taking lululemon public more than seven years ago and his role in shaping the direction and performance of the company since then has been vast,” added Mr Potdevin.
