Lululemon CEO Calvin McDonald stepping down

Core Insights - Lululemon's CEO Kevin McDonald is stepping down, with the current CFO and chief commercial officer taking over as co-CEOs during the search for a permanent successor [1][2] - The company's earnings for the third quarter were reported at $2.59 billion, exceeding analyst expectations of $2.25 billion, marking a 7% increase year-over-year [2][3] - Gross margin improved to 55.6%, surpassing the expected 54.3%, despite concerns about discounting during the Black Friday weekend [4] Financial Performance - Third quarter revenues reached $2.59 billion, higher than the anticipated $2.48 billion [2][3] - Same-store sales increased by 1%, but comparable sales in America decreased by 5%, indicating that international sales were a key driver of growth [3] - A billion-dollar increase in the company's buyback program was announced [4] Future Guidance - The guidance for the fourth quarter is weaker than expected, with earnings projected between $4.66 and $4.76, compared to the previous expectation of $5.03 [5] - Fourth quarter revenue expectations are set between $3.5 billion and $3.59 billion, slightly below the anticipated $3.6 billion [5]