By Josh Beckerman
Lululemon Athletica Inc. named J. Crew Group Inc. Chief
Financial Officer Stuart Haselden as its new finance chief, with an
expected start date of Feb. 2.
The yoga-gear company said in June that Chief Financial Officer
John Currie, who had been with Lululemon since 2007, planned to
retire by the end of the fiscal year.
Lululemon said in a filing Wednesday that Mr. Haselden's
employment agreement calls for a base salary of 575,000 Canadian
dollars (U.S. $486,152), and he will be eligible for an annual
bonus of 75% of his base salary based on certain
financial-performance and individual-performance goals.
Lululemon's earnings in its November quarter topped expectations
as direct-to-consumer sales surged, though the company gave a
disappointing outlook for the holiday quarter.
The retailer said West Coast port delays, a lower Canadian
dollar and delayed store openings would weigh on its near-term
results, echoing concerns from other apparel retailers about
shipping problems.
Lululemon has revamped its product line to include more
embellished and patterned items now fashionable among its customer
base as it pushes back against competition from lower-priced rivals
like Gap Inc.'s Athleta brand. The new approach, however, has
increased lead times and depressed margins, as printed fabric is
more expensive to produce than basic black or gray.
Write to Josh Beckerman at josh.beckerman@wsj.com
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