Last $43.24 USD
Change Today -1.06 / -2.39%
Volume 3.3M
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As of 8:10 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

lululemon athletica inc (LULU) Key Developments

Lululemon Athletica Inc. Announces Board Appointments

On September 9, 2014, the board of directors of Lululemon Athletica Inc. increased the size of the board of directors from ten to twelve members and appointed Steven J. Collins as a Class II director and David M. Mussafer as a Class I director to fill the newly-created vacancies. Mr. Collins will serve as a member of the class of directors whose terms expire at the 2015 Annual Meeting of Stockholders and until such time as his successor is duly elected and qualified, or until his earlier resignation or removal. Mr. Mussafer will serve as a member of the class of directors whose terms expire at the 2017 Annual Meeting of Stockholders and until such time as his successor is duly elected and qualified, or until his earlier resignation or removal. Mr. Collins is a Managing Director of Advent International Corporation and Mr. Mussafer is a Managing Partner of Advent and Co-Chairman of its executive committee. Mr. Collins has been appointed to serve as a member of the compensation committee of the board of directors and as an observer to the audit committee of the board of directors. Mr. Mussafer has been appointed to serve as a co-Chairman of the Board and as a member of the nominating and governance committee of the board of directors.

Lululemon Athletica Inc. Announces the Amendments to Articles of Incorporation

on September 9, 2014, the board of directors of Lululemon Athletica Inc. amended section 6.1 of the company’s bylaws to provide that the board of directors may appoint a chairman of the board or alternatively, as the board of directors may determine, one or more co-chairmen of the board, along with conforming changes to other sections of the bylaws.

Lululemon Athletica Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 3, 2014; Provides Earnings Guidance for the Third Quarter of Fiscal 2014; Revises Earnings Guidance for Full Year 2014

Lululemon Athletica Inc. announced unaudited consolidated earnings results for the second quarter and six months ended August 3, 2014. Net revenue for the quarter increased 13% to $390.7 million from $344.5 million in the second quarter of fiscal 2013. Income from operations for the quarter decreased 14% to $67.9 million, and as a percentage of net revenue was 17.4% compared to $78,986,000 in the second quarter of fiscal 2013. Diluted earnings per share for the quarter were $0.33 on net income of $48.7 million, compared to diluted earnings per share of $0.39 on net income of $56.5 million in the second quarter of fiscal 2013. Income before provision for income taxes was $69,778,000 against $80,281,000 a year ago. Capital expenditures were $26.7 million for the quarter compared to $23 million in the second quarter last year with the increase associated with new stores, renovations, IT and head office capital. For the six months, net revenue increased 12% to $775.3 million from $690.3 million in the same period of fiscal 2013. Income from operations for the first two quarters of fiscal 2014 decreased 5% to $137.7 million, and as a percentage of net revenue was 17.8% as compared to $144,875,000 in the same period of fiscal 2013. Excluding the non-recurring tax adjustment, diluted earnings per share were $0.68 in the first two quarters of fiscal 2014. Income before provision for income taxes was $141,222,000 against $147,671,000 a year ago. Net cash provided by operating activities was $123,985,000 against $70,931,000 a year ago. Net income was $67,729,000 or $0.46 per diluted share against $103,743,000 or $0.71 per diluted share for the same period a year ago. Net cash provided by operating activities was $123,985,000 against $70,931,000 for the same period a year ago. For the third quarter of fiscal 2014, the company expects net revenue to be in the range of $420 million to $425 million based on a total comparable sales increase in the low single digits on a constant-dollar basis. Diluted earnings per share are expected to be in the range of $0.36 to $0.38 for the quarter. This guidance assumes 144.7 million diluted weighted-average shares outstanding and a 30.2% tax rate. For the full fiscal 2014, the company anticipates full-year adjusted earnings between $1.72 and $1.77 per share on revenue in a range of $1.78 billion to $1.8 billion. Its prior guidance was for adjusted earnings of $1.71 to $1.76 per share on revenue of $1.77 billion to $1.8 billion. Diluted earnings per share are expected to be in the range of $1.51 to $1.56 for the full year, or $1.72 to $1.77 normalized for the non-recurring tax adjustment incurred in the first quarter of fiscal 2014 related to the repatriation of foreign earnings that will be used to fund the share buyback program. This guidance assumes 145.2 million diluted weighted-average shares outstanding and a 38.5% tax rate, which includes the above tax adjustment, or 30.2% before the tax adjustment. The company expects capital expenditures to range between $110 million and $115 million for fiscal 2014, reflecting new store build-outs, renovation capital for existing stores, IT and other head office capital, including expansion of the existing premises.

Lululemon Founder's Reportedly In Talks On Possible Buyout

Lululemon Athletica Inc. (NasdaqGS:LULU) Founder Dennis Wilson's advisers have been talking to private equity firms including Leonard Green & Partners, L.P. to find out if they are interested in buying the fashionable yoga gear maker, The Wall Street Journal reported citing people familiar with the matter. We have seen a lot of premature speculation about transactions that Chip Wilson may or may not be considering. Chip will decide if and when he wants to do a transaction of any sort," a spokesman on behalf of founder Chip Wilson said in an email reply to Reuters.

lululemon athletica inc. Announces Retirement of John Currie as Chief Financial Officer

lululemon athletica inc. announced that Chief Financial Officer John Currie has notified the company of his intent to retire by the end of the fiscal year. lululemon will engage a leading executive search firm to initiate an open and comprehensive search for Mr. Currie's replacement to allow for a smooth transition.

 

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