Sales have suffered from a number of factors at Lululemon, and the two major reasons have been a rise in newer brands and the lack of innovation. This, along with the recent boardroom conflict, has led Lululemon to see souring sentiments among consumers and would be one of the first few fixes that new CEO Heidi O**;Neill would have to work on.
Interim Co-CEO and CFO Megan Frank addressed a drop-off primarily in traffic and, to a lesser degree, in conversion over the last six to seven weeks. She highlighted that spikes in negative commentary around the brand from several factors impacted traffic at the end of the first quarter and entering the second quarter.
