Lululemon on track despite Pitcher departure
Canadian yoga wear brand Lululemon Athletica says it has the "right" board of directors to lead it into the future despite the resignation of long-serving member Rhoda Pitcher.
Pitcher, who served as a director of Lululemon since 2005, officially resigned from her post on 3 August in order to pursue other opportunities, according to an 8-K filing.
"Her resignation is not due to any disagreements with us on any of our operations, policies, or practices," CFO Stuart Haselden said in the filing.
In a statement issued on Tuesday, co-chairman Michael Casey and David Mussafer said Pitcher had been a strong and committed member of the board. "With Rhoda's departure, our board currently has nine members. With four directors added in the past two years, we have the right board of directors to lead us into our future and the best management team to execute on our 10-year vision."
Lululemon began its fiscal year with strong sales growth fuelled by the rise of online shopping and the opening of new stores.
Net revenue increased by 17% to $495.5m in the three months to 1 May, from $423.5m in the prior year quarter. Total comparable sales, which includes direct to consumer, grew 6%, while comparable store sales increased 3%.
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Canadian yoga wear brand Lululemon Athletica has promoted Celeste Burgoyne to head up the group's retail Americas division with immediate effect. ...
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