📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

Shareholding

About

lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails technical athletic apparel, footwear, and accessories for women and men under the lululemon brand in the United States, Canada, Mexico, China, Hong Kong, Taiwan, Macau, Greece, and internationally.

Key Ratios Snapshot

📊 Sector Averages

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding LULU

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Manager	Shares	Value	% of Fund	Period
Andreas Halvorsen Viking Global Investors	980.6K	$150.1M	0.42%	Mar 2026
Steve Cohen Point72 Asset Management	598.9K	$91.7M	0.12%	Mar 2026
Michael Burry Scion Asset Management	100.0K	$17.8M	1.29%	Sep 2025

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed → Stable 4 quarters analysed

Q2 2026

Mixed

'we have relied on the same product playbook for too long') but expressed confidence in the brand and corrective plans ('I feel confident in our leadership team and the plans we have in place').

Q3 2026

Mixed

strong balance sheet) but quickly pivots to cautious language: 'we continue to have opportunity is increasing the frequency', 'trends slow a bit since Thanksgiving', and a detailed action plan to address U.S. headwinds. The CFO uses phrases like 'in line with our expectations' and 'softest month was October', conveying measured realism.

Q4 2026

Mixed

full price selling inflection in Q1, and tangible guest response to activations (e.g., Studio Yet sell-outs, BNP Paribas lines), but acknowledged full recovery will take time into 2027.

Q1 2027 latest

Mixed

'we are moving with urgency to make the necessary adjustments', and 'we expect our actions to help rebuild momentum'. They acknowledged negative commentary and product launches not meeting expectations, yet expressed confidence in long-term potential.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is weaker after this call due to lowered guidance for Q2 and full year, reflecting persistent headwinds in North America from negative brand commentary and product launches that missed expectations. However, the strong international growth, particularly in China (20% growth maintained), and the new CEO on the horizon provide some offset. Key actions like increased marketing spend, faster chase capabilities, and store experience enhancements could improve traction, but results are not yet visible. Next quarter should be watched for evidence that product launches resonate better and that brand sentiment stabilizes, especially in North America.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Lululemon Q1 revenue $2.5B, net income $195M, guides FY26 revenue flat to down 1%

Revenue & Profitability

Q1 revenue rose 4% (2% constant currency) to $2.5B. Comparable sales declined 2%. Net income was $195 million ($1.69 per diluted share), operating income $277 million (11.2% of revenue). North America revenue fell 3%, China Mainland grew 30%, rest of world grew 13%. Full-year FY26 revenue guided to $11B-$11.15B, flat to down 1%, with EPS of $10.95-$11.15.

Outlook

Management noted relative stability in the athletic space but experienced a drop-off in traffic and conversion due to negative brand commentary and below-expectation product launches. Macro noise exists, but management is not assuming significant improvement from their initiatives in the back half. They expect sequential improvement in markdowns and full price sales over the year.

Growth Drivers

Key growth levers include international expansion (China Mainland expected ~20% growth for FY26, rest of world mid-teens), new store openings (10-15 in North America including 8 in Mexico, 25-30 internationally), product newness (targeting 35% penetration of new styles), increased marketing spend (~10-15% above last year), and community events (SeaWheeze, yoga summer series).

Balance Sheet & CapEx

Full-year FY26 capital expenditure guidance is $700M-$720M. Investments support new store openings, relocations and renovations, a multi-year distribution center project, and technology investments (including AI-powered systems and automation for supply chain and procurement efficiencies).

Margins

Q1 gross margin decreased 410 bps to 54.2% due to tariff impact (280 bps), markdowns (40 bps), and fixed cost deleverage (140 bps). Full-year gross margin guided down ~90 bps. SG&A deleverage of 290 bps for the year, with operating margin declining ~380 bps. Markdowns expected flat to slightly improved for the year, with Q2 being the high water mark.

Key Risks

Risks highlighted include spikes of negative media and social commentary impacting traffic and top-line; product launches not meeting guest response; tariff costs (gross negative 280 bps in Q1; full year gross 30 bps assumed partially offset); proxy contest costs; slower than expected full price sales leading to higher seasonal clearance; and macro uncertainty.

Generated by AI · Q1 2027 results · Not investment advice

📊 Analysis Methodology

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