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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Lululemon Athletica
Lululemon Athletica (LULU) investor relations material
Lululemon Athletica Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary3 Sep, 2026
Executive summary
Q2 2026 revenue declined 4% year-over-year to $2.4 billion, with North America/Americas down 8% and China mainland/international up 4%, but below plan.
Diluted EPS was $2.92, down from $3.10 last year, including $0.86 per share from $134.5 million in IEEPA tariff refunds and interest.
Comparable sales fell 9–10% year-over-year, with North America/Americas comp sales down 12% and China mainland comp sales down 8%.
Management is executing an action plan focused on product innovation, marketing, operational efficiency, and agility amid challenging conditions.
Guidance for the full year was lowered, reflecting ongoing macroeconomic, competitive, and brand sentiment headwinds.
Financial highlights
Gross profit was $1.46–$1.5 billion (60.5% of revenue), up 200 bps YoY, aided by $134.5 million in tariff refunds.
Operating margin was 18.8%, down 190–200 bps YoY, despite a 560 bps benefit from tariff refunds.
SG&A expenses rose to 41.7% of revenue, up 400 bps YoY, due to fixed cost deleverage and increased marketing.
Net income was $329.2 million, down 11% YoY.
Inventory ended at $1.7 billion, down 1% in dollars and 7% in units YoY; cash and cash equivalents were $1.4 billion.
Outlook and guidance
Q3 2026 revenue expected at $2.29–$2.32 billion, down 10–11% YoY; gross margin to decrease 250 bps; EPS $0.93–$0.98.
Full-year 2026 revenue guided to $10.35–$10.5 billion, down 5–7% YoY; EPS $9.48–$9.73, including $0.86 per share from tariff refunds.
North America/Americas revenue expected to decline low double digits; China mainland/international to grow high single digits.
Gross margin for the year to decrease 80 bps; SG&A to increase 450 bps; operating margin to decrease 530 bps.
Capex for the year expected at $680–$700 million.
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Latest events from Lululemon Athletica
- Cooperation with Wilson prompts board changes and a declassification proposal for the 2026 meeting.LULU
Proxy filing - Revenue up 4% as China growth offsets Americas decline, but margins and outlook weakened.LULUQ1 2027
- Cooperation with Chip Wilson reshapes board, governance, and shareholder engagement through 2028.LULUProxy filing
- Shareholders are encouraged to support the board and review proxy materials for the 2026 meeting.LULUProxy filing
- Board urges support for its nominees and annual elections to sustain growth and strong governance.LULUProxy filing
- Shareholders urged to support refreshed Board and new CEO to drive growth and value.LULUProxy filing
- Board recommends voting for its nominees and key proposals amid a contested election and CEO transition.LULUProxy filing
- Board recommends its nominees in a contested election and supports annual director elections.LULUProxy filing
- FY24 delivered double-digit revenue growth and record EPS, with 2025 facing margin headwinds.LULUQ4 2025
Next Lululemon Athletica earnings date
Q3 202710 Dec, 2026
Lululemon Athletica
Next Lululemon Athletica earnings date
Q3 202710 Dec, 2026
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Frequently asked questions
Fitness superstars
Lululemon Athletica Inc. is a publicly traded company that specializes in athletic apparel and lifestyle products. With a focus on yoga-inspired clothing, Lululemon offers a wide range of athletic wear for men and women, including leggings, tops, shorts, and accessories. LuluLemons products are known for their quality, innovative designs, and performance-oriented features. The company aims to provide customers with functional and stylish activewear that promotes and enables an active lifestyle. In addition to their physical stores, Lululemon also operates an e-commerce platform, allowing customers to shop conveniently online.
A diverse range of products
Lululemon offers a wide range of athletic and lifestyle clothing for men and women. Their product collection includes leggings, shorts, tops, sports bras, jackets, hoodies, and accessories like headbands and bags. Lululemon is known for their attention to detail and the use of high-quality materials, ensuring comfort, flexibility, and breathability in their garments which in turn makes them perfect for customers . They prioritize functionality by incorporating features such as moisture-wicking properties, four-way stretch, and strategic ventilation. Lululemon's designs encompass both classic and trendy styles, offering customers a variety of options to suit their preferences and activities, whether it be yoga, running, gym workouts, or everyday wear. Companies competing with LuluLemon for this very lucrative market include big names like Nike, Adidas, and Under Armour.
Surfing the athleisure wave
Athleisure is a fashion trend that combines athletic and leisurewear, blurring the boundaries between sportswear and casual clothing. Lululemon has been at the forefront of the athleisure movement, offering fashionable and high-quality athletic apparel that can be seamlessly integrated into daily routines. By catering to the increasing demand for versatile and comfortable clothing, Lululemon has capitalized on the trend, establishing itself as a leading brand in the category.
Utilizing both physical and online stores
Lululemon operates a global network of physical stores, offering customers an immersive and personalized shopping experience. Additionally, Lululemon has an online platform where customers can browse and purchase products, with features like detailed product information and easy delivery options. This omni-channel approach allows customers to engage with Lululemon in a way that suits their preferences, whether in-store or online. LuluLemon also partners up with various gyms and similar establishments to sell their products directly to consumers.