* Comments follow new forecast that sent stock lower on
* CEO says Lulu needs to make sure it has "gift-giving price
Jan 16 Lululemon Athletica Inc's CEO
said on Wednesday the yogawear retailer attracted so many
shoppers during the holiday season that some stores had trouble
coping with the traffic, and she conceded that some of the
chain's new products fell flat.
Chief Executive Christine Day, speaking at an investor
conference, said some stores had lines of 50 to 70 people long,
with customers waiting an hour just to buy a gift card.
On Monday, Lululemon released new forecasts for the fourth
quarter, confirming a sharp deceleration in same-store sales
growth, and its volatile stock tumbled.
"I think our product in the fourth quarter was some of the
best we've ever had," said Day. "That said, as you kind of
transition into a more technical space, particularly in Canada,
coming from our grassroots of really yoga and a little bit more
casual wear, for us there were some misses."
Day did not single out specific products. She said the
company also needs to make sure it carries enough products at
"gift-giving price points."
Day was speaking at the ICR XChange Conference in Miami.