It’s never a good sign in a financial update when the first thing a company offers is news of a share buyback. That was the lead from Lululemon Thursday morning as the tattered retailer pledged to prop up shareholders with $450 million in stock purchases.
And why not? There certainly wasn’t much other positive news to report. Chip Wilson, the somewhat marginalized founder of the company, has even started taking shots at the chairman who replaced him, suggesting he wasn’t interested in the brand’s long-term health—this from the guy who ticked off a huge group of potential customers in an interview on Bloomberg TV.