Apparel retailer Lululemon ( LULU +9.49% ) has been struggling, and the story remained unchanged in the third quarter. While total revenue rose by 7% year-over-year and comparable sales increased by 1%, the international segment did most of the heavy lifting. In the Americas, comparable sales plunged 5%, leading to a 2% revenue decline. Earnings per share dropped by 10% as costs rose faster than revenue.

Along with the quarterly report, Lululemon announced that CEO Calvin McDonald planned to step down on Jan. 31. McDonald has been leading the company since 2018, and revenue has more than tripled during his tenure. But McDonald was slow to recognize that Lululemon's product assortment had become stale , and corrective steps announced earlier this year likely weren't aggressive

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