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Lululemon gives updates on China operations

YarnsandFibers News Bureau 2020-02-24 06:34:03 – USA

Lululemon has issued the following statement with regard to its China operations:

With the evolving dynamics related to the coronavirus outbreak in China, lululemon athletica inc. 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 3 February 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.

Source: Innovation in Textiles

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