Lululemon Athletica cutting 150 corporate jobs as part of organizational changes
VANCOUVER — Lululemon Athletica Inc. is cutting about 150 corporate jobs as part of changes to its organizational structure.
The athletic clothing retailer says the affected employees are part of its store support centres.
Shares in Lululemon plunged earlier this month after the company reported its first-quarter results and lowered its profit expectations for the full year.
The company said diluted earnings per share are now expected to be between US$14.58 and $14.78 for the year, down from earlier guidance for a range of $14.95 to $15.15.
In reporting its results, the company said it planned strategic price increases as it deals with U.S. tariffs.
Lululemon CEO Calvin McDonald said at the time that while Lululemon is better positioned than most, the business is already seeing lower store traffic, particularly in the U.S.
The Canadian Press
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