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Wilson has said the company was losing ground in the lucrative "athleisure
market" and called for annual election of the entire board to
make directors more accountable for the company's performance.
Athleisure is a mix of athletic and casual clothing that has
grown popular even in formal settings in the United States.
Lululemon, which competes with Nike Inc and Under Armour Inc,
also reported a slight drop in gross margin to 48.3 percent for
the first quarter ended May 1 from 48.6 percent a year earlier.
The company's net income fell 5 percent to $45.3 million, or 33
cents per share.
Excluding items, the company earned 30 cents per share, missing
analysts' average estimate of 31 cents, according to Thomson
Reuters I/B/E/S.
However, the company slightly raised its 2016 revenue forecast
and said it managed to bring its inventory levels under control.
The company said it now expected 2016 revenue of $2.31
billion-$2.35 billion, compared with $2.29 billion-$2.34 billion
it forecast in March.
Net revenue for the latest quarter rose about 17 percent to
$495.5 million.
The company's shares were slightly down in premarket trading.
(Reporting by Amrutha Gayathri in Bengaluru; Editing by Anil
D'Silva)
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