Shareholders of trendy clothing maker Lululemon Athletica Inc. have approved a two-for-one split of the company's stock.
Post-split shares in the Vancouver-based designer and retailer are expected to begin trading on the Nasdaq market in New York and on the Toronto Stock Exchange around end of June, the company said in a statement Thursday.
After the split, Lululemon will have about 108 million shares issued and outstanding.
Lululemon shares have been beaten down somewhat in recent weeks after the Canadian fashion retailer was downgraded by an analyst ahead of the company's next financial report June 10. The stock hit a 52-week high of $97.99 in April, but were trading Thursday morning at $82.96, up 26 cents from the prior close.
Lululemon has said it anticipates slower growth in the first months of 2011 as it struggles to keep enough inventory on shelves to satisfy customer demand.
Lululemon opened its first store in 1998 in Vancouver and has expanded to 137 stores in the past decade.