Lululemon Athletica Inc. executives told investors Thursday that the company still hasn't determined the cause behind the too-sheer yoga pants that had to be pulled off shelves and taken offline over the weekend. And officials declined to say when the items would be back.
Executives also indicated that the unacceptable sheerness in the Luon black pants isn't just limited to the March 1 shipments to stores but also includes pants still in its factories.
As a result the Canadian company said the withdrawal will mean lost revenue of $12 million to $17 million in the first quarter and $45 million to $50 million for the rest of the year, particularly in the second quarter.
___Coca-Cola to cut 750 jobs in US NEW YORK (AP) â¿¿ Coca-Cola will cut 750 jobs in the U.S. as it continues to streamline its business. The world's biggest beverage maker says the jobs cuts will be across the board and affected individuals will be notified in coming weeks. The cuts represent roughly 1 percent of the company's workforce of 75,000 in North America. A spokesman says about a quarter of the cuts will be in Atlanta, where the company is based. ___ By The Associated Press(equals) The Dow Jones industrial average fell 90.24 points, or 0.62 percent, to 14,421.49. The S&P 500 closed down 12.91 points, or 0.83 percent, at 1,545.80. The Nasdaq, which is weighted heavily toward tech stocks, fell nearly a full percentage point. It closed down 31.59 points at 3,222.60. Benchmark oil for May delivery dropped $1.05 to finish at $92.45 a barrel in New York. Brent crude, used to price many kinds of oil imported by U.S. refineries, fell $1.25 to $107.47 a barrel on the ICE Futures exchange in London. Wholesale gasoline fell 5 cents to $3.07 a gallon. Heating oil was flat at $2.90 a gallon. Natural gas fell 3 cents to $3.94 per 1,000 cubic feet.