By Canadian Press

Lululemon stores in China mostly closed due to novel coronavirus outbreak

Feb 21, 2020 | 8:54 AM

VANCOUVER — Lululemon Athletica Inc. says most of its stores in China have been closed since early February due to the novel coronavirus outbreak.

The Vancouver-based company says that most of its 38 stores in the country have been closed since Feb. 3 following guidance from local authorities.

It says some are now operating on a reduced schedule, while its online business continues to operate.

Lululemon says it continues to monitor the situation and will provide an update on the financial and operational impact when it reports its fourth-quarter results in late March.

In January, the company raised its financial guidance for its fourth quarter, which ended Feb. 2, saying it expects more net revenue.

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Last year, the retailer announced plans to quadruple its international revenue within five years and projected revenue from China will exceed that in Europe, Australia and New Zealand by 2023.

This report by The Canadian Press was first published Feb. 21, 2020.

The Canadian Press