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Lululemon Founder Steps Down

(Filed Under Financial and General Interest News). Chip Wilson, founder, chairman and chief innovation and branding officer of yoga and activewear retailer Lululemon Athletica, Inc. announced he will resign his executive position as of Jan. 29, 2012. He will continue to serve as chairman of the board of directors.

"I remain deeply committed to the company’s continued success," Wilson said in a statement. "Given the strength we’ve built into the organization over the past three years, I feel comfortable leaving the company with Christine Day at the helm of a world-class management team whom I fully believe will continue to elevate our world."

Demand for Lululemon’s premium activewear kept the company’s revenue up and inventory levels low throughout 2011. The company stated it expects fourth-quarter profit and revenue to be higher than originally forecast due to strong holiday sales. Same-store sales are expected to jump more than 20 percent, up from previous expectations of growth in the low to mid-teens. Earnings per share may reach 47 to 49 cents, up from the previous forecast of 40 to 42 cents a share, while revenue is now seen in the range of $358 million to $363 million, up from $327 million to $332 million and up dramatically from the company’s $245 million earned in the fourth quarter of fiscal 2010.

Vancouver-based Lululemon Athletica currently operates 165 stores in the U.S., Canada and Australia.

more Financial and General Interest News >>

Published 01-12-2012 by Katherine Rautenberg

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