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Lululemon's founder Chip Wilson is challenging the company's current leadership by nominating new board members, criticizing the company's recent struggles and leadership changes, amid a broader battle for control involving activist investors and rival companies, as the brand faces increased competition and market challenges.
Lululemon's stock surged over 10% in after-hours trading after the company raised its full-year profit outlook and increased its stock repurchase program by $1 billion. Despite concerns over slowing sales growth and competition from brands like Alo and Vuori, Lululemon's Q1 revenue and earnings per share slightly exceeded Wall Street estimates. Analysts remain cautious about the company's future performance, particularly in the U.S. market.