Lululemon Athletica, the fast-growing Canadian company specializing in yoga and women's activewear, has served notice that it will delist from the Toronto Stock Exchange, but it will continue to be listed on Nasdaq in the U.S. The announcement coincided with the news that the company's chief executive, Christine Day, will leave the company as soon as her successor is found. That piece of news trimmed by more than 14 percent the stockmarket value of Lululemon, yet it ended up three times higher than when Day, formerly with Starbucks, took over the helm of the company in 2008. Since then, the company's sales have grown fivefold, reaching $1.37 billion in the past year. The company's results for the first quarter ended May 5 show a further 21.0 percent sales increase to $345.8 million as compared to a year ago, with $269.4 million coming from its stores and $54.0 from e-commerce, despite the loss of more than $12 million in sales from the recall of a style of transparent yoga pants, The gross margin declined by 5.7 percentage points to 49.4 percent, but Lululemon's net profit remained basically flat at $47.3 million. As part of its new international expansion, Lululemon opened showrooms in London, Berlin and Singapore during the quarter. It also launched an online store in New Zealand and formed a company in China with a license to open retail stores. The company is actively looking for store locations in London and Hong Kong.

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