Lululemon's Comparable Sales Fell 9%. Can New CEO Heidi O'Neill Turn Things Around or Is the Brand Broken?
Yahoo Finance ·
Lululemon's ( LULU +1.42% ) struggles just went from bad to worse. After several quarters of comparable sales declines in the core North American market and a plunging stock price, the athleisure retailer just reported its worst comparable sales result in modern history, with comps down 9% in the second quarter. Comps in the Americas region were down 12%, while the international segment, which had been a ballast for the company, fell 3% or 6% on a constant currency. The disappointing results come at an especially bad time for Lululemon, as it's getting set to welcome a new CEO, Heidi O'Neill, a longtime Nike exec who joins the company after it was run for seven months by a pair of interim co-CEOs.
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