We're nearing the end of the secular yoga pants as fashion statement -- you can get lulu-like stuff at lots of places now, and only the hard-core fans are buying.
They pointed out that the sales were strong in stuff bought by older lulu customers, but that new customers weren't buying yoga pants.
Personally, I think that the global fashion trend will change faster than this co can expand internationally, so the earnings estimates 3 years out are highly suspect.
#1) Canada comps were negative. canada is tapped out.
#2) First Q is 1/3rd booked. Black friday was good but the weeks before /since were not.
#3) Christine Day was too tired to bother getting up for the CC (they start at 6 am PST)
#4) existing lulu customers are still buying, but fewer new customers are coming in the door
#5) There are a lot of people 'trying to look like us' in the US
#6) Brand knowledge is zero outside of established market
There are now 68+ athletas, including 3 in NYC. In the Union Square neighborhood, there are now a LULU, an athleta, and a sweaty betty, with a lorna jane on the way.
The market is not infinite, and may be getting saturated.