Lululemon Posts Lower Net Income for Q3, Announces CEO Change
Lululemon Athletica Inc. disclosed a third-quarter net income of US$306.8 million, a decrease from last year’s US$351.9 million. Earnings per diluted share for the quarter stood at US$2.59, down from the previous quarter’s US$2.87.
The Vancouver-based company, reporting in U.S. dollars, saw its revenue climb to US$2.6 billion in Q3, marking a seven percent increase from last year’s US$2.4 billion.
In other news, Lululemon’s board approved a US$1 billion extension to its stock repurchase plan. Additionally, CEO Calvin McDonald is set to step down on Jan. 31, with CFO Meghan Frank and COO André Maestrini appointed as interim co-CEOs during the leadership transition.
Keyphrase: Lululemon financial performance