|
That beat Wall Street's expectations for the quarter. Analysts, on average, were anticipating earnings of 30 cents per share on revenue of $341.4 million, according to research firm FactSet During Day's tenure, Lululemon's share price also has increased by more than fivefold. Lululemon's shares fell $14.25 to close at $68.03 on Tuesday, the day after the announcement of Day's departure. But the company's shares have traded as high as $82.50 in the past 52 weeks. "What she has accomplished has been breathtaking," said Faye Landes, an analyst at Cowen and Co. "She has grown the company while maintaining a non-mass feel of the brand." Landes also noted that Day, who wears Lululemon clothes and is an avid hiker and yoga enthusiastic, often visits the stores much that the managers know her. "She is charismatic," Landes said. But the snafu with the yoga pants that were too sheer has been difficult for Lululemon. The company blamed the issue on a style change and production problems. The company, which hired a new team to oversee the making of the pants, previously said that it anticipated losing $57 million to $67 million because of the pants issue. Day said on the Monday call that the company was able to get the product back into stores within 90 days of having pulled it. But the problem followed three other quality control issues in the past 12 months. Lululemon also is encountering other challenges. The company acknowledged during Monday's call that some of its new spring styles didn't sell as planned. As a result, it has had to discount more than expected. Lululemon also said it had too many short jackets and not enough long ones and was working to fix that issue.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor