Lululemon Athletica Inc. Provides Update on Phased Global Store Reopening Plan
May 21 2020 - 4:05PM
Business Wire
lululemon athletica inc. (NASDAQ:LULU) today provided details on
the company’s phased reopening plan for its global store
operations.
After closing the majority of lululemon stores globally outside
of Greater China in mid-March, the company is gradually welcoming
guests back to select locations where it is permitted to do so.
lululemon’s phased reopening approach incorporates key learnings
from its successful reopening in Greater China and is being carried
out week-by-week, market-by-market in accordance with local
government and public health authority guidelines. As of today,
lululemon has reopened over 150 store locations across North
America, Europe, Asia, New Zealand and Australia, with
approximately 200 additional locations set to reopen over the next
two weeks.
“As we begin to reopen lululemon stores around the world, we are
taking a balanced and thoughtful approach to ensure all necessary
precautions are in place, and to prioritize the safety and
wellbeing of our people, guests, and communities,” said Calvin
McDonald, Chief Executive Officer. “Despite the ongoing challenges
of COVID-19, we are inspired by how our guests have continued to
connect digitally through our online offerings and believe
lululemon remains well-positioned to help our guests live the
sweatlife.”
To support the health and safety of lululemon employees and
guests as stores reopen, the company has introduced a new set of
in-store practices, which include but are not limited to:
- Employee Health and Wellbeing: Stores will operate with
modified hours, and store teams will wear face coverings and state
a daily health declaration before every shift.
- Physical Distancing: The number of guests who can enter
a lululemon retail location at a given time will be limited, and
store layouts will be updated to allow for physical distancing.
Additional measures include a modified fitting room experience,
with the closure of every second fitting room. A buy online,
same-day pickup service is available at select locations.
- Cleaning and Sanitization: Stores will implement
enhanced and rigorous cleaning and sanitization practices, and
adopt a cashless payment experience where permissible, with
contactless “tap” payments preferred.
- Returns: lululemon’s return policy has been extended to
30 days after each store location reopens to return or exchange any
items purchased on or after February 15, 2020, and the company will
implement express returns and exchanges to save time. All returns
will be held back for 24 hours before being returned to the
floor.
- Store-Based Events and Gatherings: All in-store classes
and events will remain on pause for the foreseeable future.
In recent months to help guests connect, sweat and shop,
lululemon has launched a range of new initiatives including a
digital educator service and the Community Carries On sweat and
mindfulness hub. Details on these offerings as well as lululemon’s
open store locations and hours of operation are available at
www.lululemon.com.
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; the current COVID-19 coronavirus
pandemic and related government, private sector, and individual
consumer responsive actions; 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; the operations of many of our
suppliers are subject to international and other risks; 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; 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200521005686/en/
Investors: lululemon athletica inc. Howard Tubin
1-604-732-6124 or ICR, Inc. Joseph Teklits/Caitlin Churchill
1-203-682-8200 Media: lululemon athletica inc. Erin
Hankinson 1-604-732-6124 or Brunswick Group Eleanor French
1-415-671-7676
Lululemon Athletica (NASDAQ:LULU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lululemon Athletica (NASDAQ:LULU)
Historical Stock Chart
From Apr 2023 to Apr 2024