Calvin McDonald, CEO of Lululemon Athletica inc., is interviewed by CNBC on the floor of the New York Stock Exchange in New York City on March 29, 2023. Brendan McDermid/Reuters

Lululemon Athletica said on Thursday that its CEO, Calvin McDonald, will step down in January, after about seven years at the helm as the yogawear maker navigates a challenging consumer environment in the United States as well as growing competition from newer brands.

The company is searching for its new CEO, it added.

Still, the company’s shares ( LULU ) were up about 7% in extended trading as it lifted its annual profit forecast, helped by stronger sales in international markets, and approved a $1 billion increase to its stock buyback program.

Known for its pricey leggings and athleisure clothing, Lululem

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