Lululemon Athletica Confident In Long-term China Growth Amid Coronavirus Impact

(RTTNews) - Athletic apparel company lululemon athletica inc. (LULU) Friday said it remains confident in the long-term opportunities in China, despite the current disruption to its growing business in the region due to the coronavirus outbreak.

In the update on the outbreak, the company said it continues to work closely with local authorities to prioritize the safety of its people and guests in the region.

The majority of lululemon's 38 stores in China have been closed since February 3, while some are now operating on a reduced schedule. The company's online business has continued to operate.

Calvin McDonald, Chief Executive Officer, said, "We're inspired by the resilience and commitment of our team in China as we navigate the emerging impacts of the coronavirus. The safety of our people is our highest priority, and we are adjusting store operations based upon the recommendations of local authorities."

The company said it continues to monitor the situation and will provide an update on the financial and operational impact on its fourth quarter fiscal 2019 earnings call, to be held in late March.