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Lululemon Athletica (LULU) investor relations material
Lululemon Athletica Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Sep, 2025
Executive summary
Q2 2025 net revenue rose 7% year-over-year to $2.5 billion, with international growth offsetting weaker U.S. performance and comparable sales up 1%.
Diluted EPS was $3.10, slightly down from $3.15 last year, but exceeded internal expectations.
International momentum, especially in China and Rest of World, offset U.S. underperformance, with management addressing product fatigue and execution issues.
Product fatigue in core lounge and social categories and macro headwinds in the U.S. remain key challenges; new product strategies and leadership changes are underway.
Tariffs and removal of de minimis exemption significantly impacted guidance and gross margin.
Financial highlights
Gross profit was $1.5 billion (58.5% of net revenue), down from 59.6% last year; operating income was $523.8 million (20.7% of net revenue), down from 22.8%.
Net income for Q2 2025 was $370.9 million, down from $392.9 million last year.
Digital channel revenue grew 9%, contributing $1 billion (39% of total revenue).
Inventory increased 21% year-over-year to $1.7 billion; unit inventory up 13%.
Ended Q2 with 784 company-operated stores globally.
Outlook and guidance
FY2025 net revenue guidance revised to $10.85–$11.0 billion (2–4% growth, or 4–6% excluding 53rd week); EPS $12.77–$12.97, down from $14.64 in 2024.
Q3 2025 net revenue expected between $2.47–$2.5 billion (3–4% growth); EPS guidance $2.18–$2.23.
U.S. revenue expected to decline 1–2%; China to grow 20–25%; Rest of World ~20% growth.
Guidance reflects $240 million estimated gross profit reduction due to higher tariffs and removal of de minimis exemption.
Gross margin expected to decrease ~300 bps vs. 2024, mainly due to tariffs and de minimis removal.
Detail merchandise mix strategy for U.S.
Elaborate on tariff mitigation efforts.
Explain 13% unit inventory increase.
New product mix: When will it offset core fatigue?
De minimis removal: What is the 2026 net impact?
Canada's recent trend: What's driving the slowdown?
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Next Lululemon Athletica earnings date
Q3 20264 Dec, 2025
Next Lululemon Athletica earnings date
Q3 20264 Dec, 2025
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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.
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