Lululemon Athletica Inc. earnings overview

LULU FY2027 Q1 · Calendar Q2 2026

Lululemon Athletica Inc.

Lululemon posted a narrow Q1 FY2027 beat — revenue of $2.47B exceeded the $2.44B estimate by 1.4% and EPS of $1.69 topped the $1.67 estimate by 1.2%. However, comparable sales fell 2% as North America comps declined 6%, and management lowered full-year revenue guidance from the prior 2-4% growth range to flat-to-down-1%. Gross margin is expected to compress approximately 90 bps due to tariff costs and seasonal clearance. The stock recorded a -6.0% abnormal move on 4.6x baseline volume. Management's tone shifted from confident to cautious (bullish score 68 to 55), reflecting a spike in negative brand commentary, ongoing tariff pressure, and a CEO transition with Heidi O'Neill joining in September. The action plan — faster product development (12-14 months), 20% more chase volume, ~15% SKU reductions, and higher marketing spend — is directionally sound but unproven at scale against…