Lululemon Q2 revenue falls 4.3% to $2.42B; Americas comps drop 12%

Filed September 3, 2026 · Period ending August 2, 2026 · Compared to 10-Q Sep 4, 2025 · ~1 min read

Key Changes

• high

  Americas comparable sales fell 12% and net revenue declined 8%, driven by lower traffic, conversion, and average order value.

  MD&A: Americas verify on EDGAR →
• high

  Net income fell 11.2% to $329.2M, and diluted EPS declined 5.8% to $2.92, despite a $134.5M IEEPA tariff refund.

  MD&A: Results verify on EDGAR →
• high

  SG&A as a percentage of revenue jumped 400 basis points to 41.7%, including $13.4M in proxy contest costs.

  MD&A: Expenses verify on EDGAR →