The struggling Vancouver-based athleisure retailer reported a 21.6 per cent drop in fourth-quarter net income to US$586.9 million, marking the final quarter under CEO Calvin McDonald, who stepped down at the end of January. (The Logic)

Talking point: Lululemon is under pressure from activist investor Elliott Management and from founder Chip Wilson, who remains a major shareholder. It has yet to name a new CEO, but on Tuesday it appointed former Levi Strauss & Co. chief Chip Bergh to its board. Wilson called the choice “underwhelming” in a press release. The company also reported a 4 per cent decline in Americas revenue, even as sales in the rest of the world rose 17 per cent. “We know we must improve our performance in North America,” CFO Meghan Frank—who is also serving as interim co-CEO—said on the earnings call, adding she remains encouraged by customer response to recent “product drops and activations.”