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CHICO, Calif. - Lulus Fashion Lounge Holdings, Inc. (NASDAQ:LVLU), known as Lulus, announced today that Tiffany R. Smith, the company’s Chief Financial Officer, will resign from her position effective June 30, 2025, due to personal and family reasons. The company clarified that Smith’s departure is not due to any disputes over financial reporting, accounting practices, or internal controls. The announcement comes as the company faces challenging market conditions, with InvestingPro data showing a 77% decline in share price over the past year and revenue declining 11% in the last twelve months.
Following Smith’s exit, CEO Crystal Landsem will take on the role of Interim CFO while the Board of Directors searches for a permanent replacement. Smith will remain in an advisory capacity to assist with the transition until the company files its Quarterly Report for the fiscal quarter ending June 29, 2025.
Landsem expressed gratitude for Smith’s contributions during her four-year tenure, emphasizing her commitment to a smooth transition and continued execution of the company’s strategic priorities.
Lulus, headquartered in California, positions itself as an attainable luxury brand for women, offering a range of fashion-forward designs. The brand, which was founded in 1996, utilizes customer feedback to refine its product offerings and prides itself on exceptional customer service, including personal stylists and a bridal concierge.
This corporate update is based on a press release statement issued by Lulus Fashion Lounge Holdings, Inc.
In other recent news, Lulu’s Fashion Lounge Holdings, Inc. reported a challenging first quarter of 2025, with net revenue reaching $64.2 million, a 17% decrease from the previous year. The company also faced a net loss of $8 million, which widened from the $5.7 million loss in the same period last year. Despite these setbacks, Lulu’s managed to achieve positive cash flow from operations amounting to $8.3 million and reduced its net debt to $1.5 million from $8.6 million at the end of 2024. In another development, Lulu’s Fashion Lounge received a notification from The Nasdaq Stock Market LLC regarding its non-compliance with the Nasdaq Global Market’s continued listing requirements due to insufficient stockholders’ equity. The company reported approximately $6.6 million in stockholders’ equity, falling short of the minimum $10 million required, prompting Lulu’s to submit an application to transfer its listing to the Nasdaq Capital Market. Additionally, Lulu’s withdrew its full-year revenue and adjusted EBITDA guidance amid ongoing uncertainties but expects to achieve positive adjusted EBITDA in the second quarter of 2025. The company is focusing on strategic initiatives such as cost reduction and increasing direct sourcing to improve financial health. Despite these efforts, the company’s stock price experienced a significant decline following the earnings announcement, reflecting investor concerns over the widening losses and uncertain outlook.
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