Economic woes apparently don’t apply to the holistic yoga world of Canadian retailer Lululemon Athletica Inc., whose fourth-quarter earnings rose more than 16 times on revenues that doubled.
The company also designated Christine Day, who joined Lululemon in January as executive vice president of retail operations, to take over as president, chief executive officer and chief operating officer when Robert Meers retires on June 30.
Day spent 20 years at Starbucks, most recently as president of its Asia Pacific Group, and she compared the opportunities of the yoga company to that of the coffee behemoth.
“Lululemon reminds me very much of the early days at Starbucks,” Day said on a conference call Wednesday morning. “I am as excited about the opportunity of this organization as I was when I joined Starbucks 20 years ago.”
For the three months ended Feb. 3, the Canadian firm saw its earnings jump to $14.6 million from $887,000 in the fourth quarter last year. Sales for the quarter more than doubled to $105.1 million from $52.2 million, driven by store growth and high comparable-store sales.
For Lululemon’s first year as a public company, earnings more than tripled to $30.8 million from $7.7 million last year. Annual sales increased 85 percent to $274.7 million from $148.9 million.
For the complete story, see Thursday’s issue of WWD.