lululemon

lululemon designs and sells athletic clothing, shoes and accessories for yoga, running, training and other activities. It sells mostly through its own stores, 825 at the end of Q2 2026, and through its own websites and apps, so it keeps the full retail margin. The Americas give most of the revenue, and China Mainland and other international markets grow faster. lululemon does not own factories: a small number of outside suppliers, mostly in Asia, make its products.

Its gross margin is high because it sells most products at full price, and it uses its cash to open stores and to buy back shares. It has no debt.

The market prices lululemon for a brand that lost its pull with shoppers in its largest market. In Q2 2026, Americas comparable sales fell 12%, total revenue fell 4%, and lululemon now expects 2026 revenue to fall 5% to 7%. Tariffs and the end of the US de minimis exemption raise costs, and without $134.5 million of tariff refunds, gross margin would have fallen in Q2 2026.

The company also changed its leaders: the former CEO left on January 31, 2026, the founder Chip Wilson ran a proxy fight that ended in a cooperation agreement in May 2026, and Heidi O'Neill became CEO on September 8, 2026. Investors fear that the brand cannot return to growth and that margins stay lower. For the gap to close, Americas comparable sales must stop falling during 2027, gross margin without tariff refunds must stabilize, and the new product leaders must bring a stronger product line.

International sales must also keep growing. lululemon must meet its Q3 2026 guidance of $2.290 billion to $2.320 billion of revenue and diluted EPS of $0.93 to $0.98. The Q3 report in about early December 2026, the Q4 report with the 2027 outlook in about late March 2027, and the first product lines of the new team give the evidence. A brand turnaround takes time, so the gap can close only over several years, if at all.

1. Dec 3, 2026 · est.Pending

   Q3 fiscal 2026 results: Americas salesRevenue and EPS within the $2.290 billion to $2.320 billion and $0.93 to $0.98 guidance and a smaller fall in Americas comparable sales pass; a miss or another outlook cut fails.
2. Mar 2027 · est.Pending

   Q4 fiscal 2026 results and 2027 outlookA 2027 outlook with stable Americas sales and gross margin pass; an outlook for another year of falling sales fails.

Every passed and failed checkpoint across all picks

• November 6, 2026lululemon appointed Ben Hallam as Chief Brand Officer from November 9, 2026. He was Senior Vice President of Marketing at Four Seasons Hotels and Resorts. lululemon also appointed Emily Sunderland, from Boston Consulting Group, as Chief Strategy Officer from November 23, 2026. Both appointments are part of the new leadership structure of October 2026.
• October 19, 2026The board appointed Tara Poseley as a director under the cooperation agreement with founder Chip Wilson, and increased the board from 12 to 13 members. Ms. Poseley was CEO of Paula's Choice Skincare from 2016 to 2023 and Chief Product Officer of lululemon from 2013 to 2015. lululemon announced the appointment on October 22, 2026.
• October 7, 2026lululemon announced a new leadership structure. Maggie Gauger, former CEO of Athleta, becomes President and Chief Product Officer, and Joseph Godsey, from Walmart Canada, becomes Chief Operating Officer, both from October 26, 2026. The Chief Brand and Product Activation Officer and the Chief Supply Chain Officer will leave on November 6, 2026.

Last earnings

September 3, 2026 (8-K on sec.gov)

Next earnings

Expected about December 3, 2026. The company has not confirmed the date.

• 8-KChange of directors or officers and Investor disclosureFiled October 22, 2026 · lulu-20261019
• 8-KChange of directors or officers and Investor disclosureFiled October 7, 2026 · lulu-20260930
• 8-KChange of directors or officers and Change to shareholder rights or bylawsFiled September 14, 2026 · lulu-20260908
• 10-QQuarterly report for the period ended Aug 2, 2026Filed September 3, 2026 · lulu-20260802
• 8-KEarnings releaseFiled September 3, 2026 · Press release and exhibits
• 8-KOther company newsFiled August 13, 2026 · lulu-20260813
• 8-KChange of directors or officers and Shareholder vote resultsFiled June 26, 2026 · lulu-20260624
• 10-QQuarterly report for the period ended May 3, 2026Filed June 4, 2026 · lulu-20260503
• 8-KEarnings releaseFiled June 4, 2026 · Press release and exhibits
• 8-KNew material agreement and Investor disclosureFiled May 27, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1397187)

• Americas comparable sales fell 12% in Q2 2026. If the product line does not win back shoppers, sales and margins in the largest market can keep falling.
• US tariffs and the end of the de minimis exemption raise product and shipping costs. The Q2 2026 tariff refunds of $134.5 million were one-time, and a consumer class action about tariff-related prices is pending.
• Many leaders changed in 2026, including the CEO, the product, operations, brand and technology heads. A new team can take time to deliver results.
• Competition in athletic apparel is strong, and new brands compete for the same shoppers. lululemon may need more discounts or marketing to keep sales.
• A small number of suppliers in Asia make most products, and China Mainland is a growth market. Trade conflict or supply problems in Asia can hurt sales and costs.

lululemon has no debt. On August 2, 2026, it had $1,389.7 million of cash and cash equivalents and no borrowings under its $600 million committed revolving credit facility, which matures on October 15, 2030; $6.3 million of letters of credit used part of it. Read more

lululemon does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.