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Get filing alertslululemon Q2 revenue falls 4% to $2.4B, comparable sales down 9%; FY2026 guidance cut
Filed September 3, 2026 · Period ending September 3, 2026 · ~1 min read
Key Changes
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Q2 FY2026 net revenue declined 4% to $2.4 billion, or 5% on a constant dollar basis; comparable sales fell 9% (10% constant dollar), with Americas down 12%.
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Diluted EPS fell to $2.92 from $3.10 a year ago, but included $0.86 per share from IEEPA tariff refunds and associated interest, net of tax.
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Gross margin rose 200 bps to 60.5%, boosted by $134.5 million of tariff refunds that added 560 bps; underlying margin would have declined.
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FY2026 revenue guidance cut to $10.350–$10.500 billion, implying a 5% to 7% decline; diluted EPS expected at $9.48–$9.73, including $0.86 from tariff refunds.
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Company repurchased 2.7 million shares for $330.0 million during the quarter.
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Summary
lululemon reported second quarter fiscal 2026 results that showed a meaningful slowdown. Revenue fell 4% to $2.4 billion, and comparable sales dropped 9%, driven by a 12% decline in the Americas. The company's reported earnings were flattered by $134.5 million of IEEPA tariff refunds, which added $0.86 per share and 560 basis points to gross margin. Without those refunds, underlying profitability would have declined.
Management also cut full-year guidance, now expecting revenue to decline 5% to 7% to $10.350–$10.500 billion, with diluted EPS of $9.48 to $9.73. The company continued to repurchase shares, buying back $330 million during the quarter. For retail investors, the key takeaway is that core operating trends are weakening, and the reported EPS beat was largely a one-time tariff refund benefit rather than an improvement in the underlying business.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
lululemon issued a press release announcing Q2 FY2026 financial results for the quarter ended August 2, 2026.
Added in current filing · verify on EDGAR →
On September 3, 2026, lululemon athletica inc. (the "Company") issued a press release announcing its financial results for the second quarter ended August 2, 2026 and certain other information.
The Company announced its second quarter fiscal 2026 financial results via press release on September 3, 2026. The press release is attached as Exhibit 99.1 and incorporated by reference. A conference call is scheduled for 4:30 p.m. Eastern time the same day.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 4, 2026 · How we verify