Lululemon Names Stuart Haselden CFO

By Josh Beckerman 

Lululemon Athletica Inc. named J. Crew Group Inc. Chief Financial Officer Stuart Haselden as its new finance chief, with an expected start date of Feb. 2.

The yoga-gear company said in June that Chief Financial Officer John Currie, who had been with Lululemon since 2007, planned to retire by the end of the fiscal year.

Lululemon said in a filing Wednesday that Mr. Haselden's employment agreement calls for a base salary of 575,000 Canadian dollars (U.S. $486,152), and he will be eligible for an annual bonus of 75% of his base salary based on certain financial-performance and individual-performance goals.

Lululemon's earnings in its November quarter topped expectations as direct-to-consumer sales surged, though the company gave a disappointing outlook for the holiday quarter.

The retailer said West Coast port delays, a lower Canadian dollar and delayed store openings would weigh on its near-term results, echoing concerns from other apparel retailers about shipping problems.

Lululemon has revamped its product line to include more embellished and patterned items now fashionable among its customer base as it pushes back against competition from lower-priced rivals like Gap Inc.'s Athleta brand. The new approach, however, has increased lead times and depressed margins, as printed fabric is more expensive to produce than basic black or gray.

Write to Josh Beckerman at [e-mail]

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