Promises and expectations from lululemon athletica for Q2 2013
Navi Mumbai, Maharashtra -- (SBWIRE) -- 09/06/2013 -- VANCOUVER, BC located lululemon athletica announced they would be releasing their second quarter earnings on Thursday, September 12, 2013.
At their last earnings call in June, CFO John Currie had stated that for FY 2013, they would target opening up to 43 corporate-owned stores including Australia stores in ivivva locations. He also guided for net revenues for the full year to range from 1.645 billion to 1.665 billion. Lululemon also anticipates increased air freight costs in the back half of the year mainly due to the temporary suspension of production at their factories and mills.
Earlier in the conference call, lulu’s CEO Christine Day, who plans to step down from the post later, gave an overview of how they fared for the period ended May 2013. She also provided an update on the recent labor situation in Cambodia wherein she stated that “there has been a strike outside one of our factories that is being led by a group of workers who organized the minority union that has a different view from the current majority union. Our vendor partner, Sabrina, who has been highlighted in the press around this issue, actually raised workers' wages ahead of the government mandate and has better benefits than any other factory in Cambodia”.
Later, she also went on to emphasize lulu’s value proposition, stating that it was a combination of fit, style, color, performance, compression and the product team's contribution.
Interestingly, on being asked for reasons for her departure by Goldman Sachs’ Lindsay Mann, she said she’d had a great run at lululemon over the past 5 and half years and leaving was her personal decision.
The CEO and CFO John Currie’s complete presentation on Q1 results and Q&A session with retail analysts can be found here. In addition, EarningsImpact also covered Christine Day’s presentation at the 2013 William Blair & Company Growth Stock Conference post their earnings which can be found here.
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