lululemon athletica inc. Provides Update on China Operations
21 Febrero 2020 - 5:30AM
Business Wire
With the evolving dynamics related to the coronavirus outbreak
in China, lululemon athletica inc. (NASDAQ:LULU) continues to work
closely with local authorities to prioritize the safety of its
people and guests in the region.
Following guidance from local authorities, the majority of
lululemon’s 38 stores in China have been closed for a period of
time since February 3, 2020, with some now operating on a reduced
schedule. The company’s online business has continued to
operate.
“We’re inspired by the resilience and commitment of our team in
China as we navigate the emerging impacts of the coronavirus. The
safety of our people is our highest priority, and we are adjusting
store operations based upon the recommendations of local
authorities,” said Calvin McDonald, Chief Executive Officer.
“Despite the current disruption to our growing business in
China, we remain confident in the long-term opportunities this
market holds for lululemon,” McDonald added.
The company continues to monitor the situation and will provide
an update on the financial and operational impact on its fourth
quarter fiscal 2019 earnings call, to be held in late March.
About lululemon athletica inc.
lululemon athletica inc. (NASDAQ:LULU) is a healthy lifestyle
inspired athletic apparel company for yoga, running, training, and
most other sweaty pursuits, creating transformational products and
experiences which enable people to live a life they love. Setting
the bar in technical fabrics and functional designs, lululemon
works with yogis and athletes in local communities for continuous
research and product feedback. For more information, visit
www.lululemon.com.
Forward-looking Statements
This press release includes estimates, projections, statements
relating to our business plans, objectives, and expected operating
results that are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. In many cases, you can identify
forward-looking statements by terms such as "may," "will,"
"should," "expects," "plans," "anticipates," "outlook," "believes,"
"intends," "estimates," "predicts," "potential" or the negative of
these terms or other comparable terminology. These forward-looking
statements also include our guidance and outlook statements. These
statements are based on management's current expectations but they
involve a number of risks and uncertainties. Actual results and the
timing of events could differ materially from those anticipated in
the forward-looking statements as a result of risks and
uncertainties, which include, without limitation: our ability to
maintain the value and reputation of our brand; the acceptability
of our products to our guests; our highly competitive market and
increasing competition; our reliance on and limited control over
third-party suppliers to provide fabrics for and to produce our
products; suppliers or manufacturers not complying with our Vendor
Code of Ethics or applicable laws; an economic downturn or economic
uncertainty in our key markets; increasing product costs and
decreasing selling prices; our ability to anticipate consumer
preferences and successfully develop and introduce new, innovative
and updated products; our ability to accurately forecast guest
demand for our products; our ability to safeguard against security
breaches with respect to our information technology systems; any
material disruption of our information systems; our ability to have
technology-based systems function effectively and grow our
e-commerce business globally; changes in consumer shopping
preferences and shifts in distribution channels; the fluctuating
costs of raw materials; our ability to expand internationally in
light of our limited operating experience and limited brand
recognition in new international markets; global economic and
political conditions and global events such as health pandemics;
our ability to deliver our products to the market and to meet guest
expectations if we have problems with our distribution system;
imitation by our competitors; our ability to protect our
intellectual property rights; our ability to source and sell our
merchandise profitably or at all if new trade restrictions are
imposed or existing trade restrictions become more burdensome;
changes in tax laws or unanticipated tax liabilities; our ability
to manage our growth and the increased complexity of our business
effectively; our ability to cancel store leases if an existing or
new store is not profitable; increasing labor costs and other
factors associated with the production of our products in South and
South East Asia; the operations of many of our suppliers are
subject to international and other risks; our ability to
successfully open new store locations in a timely manner; our
ability to comply with trade and other regulations; the service of
our senior management; seasonality; fluctuations in foreign
currency exchange rates; conflicting trademarks and the prevention
of sale of certain products; our exposure to various types of
litigation; actions of activist stockholders; anti-takeover
provisions in our certificate of incorporation and bylaws; and
other risks and uncertainties set out in filings made from time to
time with the United States Securities and Exchange Commission and
available at www.sec.gov, including, without limitation, our most
recent reports on Form 10-K and Form 10-Q. You are urged to
consider these factors carefully in evaluating the forward-looking
statements contained herein and are cautioned not to place undue
reliance on such forward-looking statements, which are qualified in
their entirety by these cautionary statements. The forward-looking
statements made herein speak only as of the date of this press
release and we undertake no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200221005085/en/
Investors: lululemon athletica inc. Howard
Tubin 1-604-732-6124 or ICR, Inc. Joseph
Teklits/Caitlin Morahan 1-203-682-8200
Media: lululemon athletica inc. Erin
Hankinson 1-604-732-6124 or Brunswick Group
Eleanor French 1-415-671-7676
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