Press release
Lululemon Athletica Inc. Provides Update on COVID-19 Employee Support Plan
VANCOUVER, British Columbia--(BUSINESS WIRE)-- lululemon athletica inc. (NASDAQ:LULU) today detailed a range of actions and initiatives to support its
About this update from Lululemon Athletica Inc.
[{"type":"text","content":" VANCOUVER, British Columbia--(BUSINESS WIRE)--\nlululemon athletica inc. (NASDAQ:LULU) today detailed a range of actions and initiatives to support its employees as COVID-19 continues to impact the business. The company is committed to supporting its people while continuing to invest in its Power of Three growth strategy.\n\n\nUnderstanding the COVID-19 pandemic may continue for the foreseeable future, stores in North America, Europe, Malaysia, Australia, and New Zealand will remain closed until they can safely reopen. In addition, the company has made the decision to continue pay protection for its employees through June 1, whether stores reopen or remain closed.\n\n\n“At lululemon, our people are our top priority. These decisions enable us to support our teams and immediate business priorities, while balancing what is required to plan for the recovery and growth to follow,” said Calvin McDonald, Chief Executive Officer. “We’re making the right commitments now as we navigate what’s ahead for the future.”\n\n\nIn addition, for the next three months, the company’s Senior Leadership Team will reduce their salaries by 20 percent, and the Board of Directors will forgo their cash retainer. These funds will go towards the newly-established We Stand Together Fund to help lululemon employees facing COVID-19 related hardships at this time.\n\n\nThese measures are in addition to the previously announced actions at lululemon, including actively managing the company’s expense structure, capital investment, and store opening and remodel projects. The company has also made the decision to temporarily pause its share repurchase program.\n\n\nlululemon’s website and mobile app remain operational across all regions. The company will continue to monitor the evolving COVID-19 situation and provide additional updates as necessary.\n\n\nAbout lululemon athletica inc.\nlululemon 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.\n\n\nForward-Looking...