olivLaw · US equity research
lululemon athletica inc. LULU
Apparel & Other Finishd Prods of Fabrics & Similar Matl · SIC 2300 · Vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)
lululemon athletica inc. designs, distributes and retails technical athletic apparel, footwear and accessories through an omnichannel network of company-operated stores and e-commerce. The company is under pressure: Americas revenue has declined, guidance for 2026 points to a decline, while China Mainland and Rest of World have grown.
At the close of 04 Nov 2026, lululemon athletica inc. (LULU) stock was 112.06 USD (+4.78% on the day), with market capitalisation 11.8 bn USD, P/E 9.2 on diluted EPS of 12.21 USD over the last 12 months, beta 1.18, 52-week range 91.88–215.88 USD. Latest reported quarter (Q2 2027): revenue of 2.4 bn USD (−4.3% YoY), net income of 329.2 m USD (−11.2% YoY), diluted EPS 2.92 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 64.1
- strong (55–70)
- Bollinger (20, 2)
- 89.50 – 112.53
- in the upper half of the band · %B 0.98 · band width 22.8%
- SMA 50 / 200
- 102.34 / 132.44
- mixed trend
- MACD (12, 26, 9)
- 2.41 / 0.89
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.3% | −1.1% | +21.4 pp | — |
| 3 months | −9.3% | −0.5% | −8.8 pp | — |
| 6 months | −15.1% | +4.4% | −19.5 pp | — |
| Year to date | −46.1% | +12.3% | −58.4 pp | — |
| 1 year | −30.3% | +13.5% | −43.8 pp | +10.9% |
| 3 years | −72.5% | +76.4% | −148.9 pp | +16.8% |
| 5 years | −76.1% | +63.7% | −139.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 02 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 3.6 bn | 2.4 bn | 2.5 bn | 2.6 bn | 3.6 bn | 2.5 bn | 2.4 bn |
| Cost of revenue | 995.1 m | 1.4 bn | 987.5 m | 1.0 bn | 1.1 bn | 1.6 bn | 1.1 bn | 953.8 m |
| Gross profit | 1.4 bn | 2.2 bn | 1.4 bn | 1.5 bn | 1.4 bn | 2.0 bn | 1.3 bn | 1.5 bn |
| SG&A | 909.8 m | 1.1 bn | 942.9 m | 951.7 m | 988.3 m | 1.2 bn | 1.1 bn | 1.0 bn |
| Operating income | 490.7 m | 1.0 bn | 438.6 m | 523.8 m | 435.9 m | 812.3 m | 276.9 m | 453.7 m |
| Depreciation & amortisation | 113.6 m | 133.6 m | 114.5 m | 119.7 m | 127.5 m | 134.5 m | 135.3 m | 142.3 m |
| Pre-tax income | 504.4 m | 1.1 bn | 450.4 m | 533.6 m | 441.7 m | 813.3 m | 286.1 m | 467.4 m |
| Income tax | 152.5 m | 309.1 m | 135.8 m | 162.6 m | 134.9 m | 226.4 m | 91.0 m | 138.1 m |
| Net income | 351.9 m | 748.4 m | 314.6 m | 370.9 m | 306.8 m | 586.9 m | 195.0 m | 329.2 m |
| Diluted EPS | 2.87 | 6.14 ≈ | 2.60 | 3.10 | 2.59 | 5.01 ≈ | 1.69 | 2.92 |
| Operating cash flow | 300.7 m ≈ | 1.4 bn | -119.0 m | 328.7 m ≈ | 249.9 m ≈ | 1.1 bn | 214.4 m | 374.8 m ≈ |
| Capex | 178.5 m ≈ | 235.0 m | 152.3 m | 177.9 m ≈ | 167.4 m ≈ | 183.2 m | 127.4 m | 149.7 m ≈ |
| Share repurchases | 412.6 m ≈ | 335.4 m | 434.4 m | 281.2 m ≈ | 190.9 m ≈ | 271.8 m | 361.8 m | 333.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 40-quarter history (min 9.7, median 41.9, max 79.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.3 bn | 4.0 bn | 4.4 bn | 6.3 bn | 8.1 bn | 9.6 bn | 10.6 bn | 11.1 bn |
| Revenue YoY | +24.1% | +21.0% | +10.6% | +42.1% | +29.6% | +18.6% | +10.1% | +4.9% |
| Net income | 483.8 m | 645.6 m | 588.9 m | 975.3 m | 854.8 m | 1.6 bn | 1.8 bn | 1.6 bn |
| Net income YoY | +87.0% | +33.4% | −8.8% | +65.6% | −12.4% | +81.4% | +17.1% | −13.0% |
| Diluted EPS | 3.61 | 4.93 | 4.50 | 7.49 | 6.68 | 12.20 | 14.64 | 13.26 |
| Diluted EPS YoY | +90.0% | +36.6% | −8.7% | +66.4% | −10.8% | +82.6% | +20.0% | −9.4% |
| net % | 14.7% | 16.2% | 13.4% | 15.6% | 10.5% | 16.1% | 17.1% | 14.2% |
| Free cash flow | 517.0 m | 386.3 m | 574.1 m | 994.6 m | 327.8 m | 1.6 bn | 1.6 bn | 921.7 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2026 · 01 Feb 2026
- Cash
- 1.8 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 5.0 bn USD
- Total assets
- 8.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 2.26x
- ROE
- 34.0%
- ROA
- 19.7%
- FCF margin
- 8.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.4 bn | 6.3 bn | 8.1 bn | 9.6 bn | 10.6 bn | 11.1 bn | SEC (XBRL)· 17 Mar 2026verified |
| Cost of revenue | 1.9 bn | 2.6 bn | 3.6 bn | 4.0 bn | 4.3 bn | 4.8 bn | SEC (XBRL)· 17 Mar 2026verified |
| Gross profit | 2.5 bn | 3.6 bn | 4.5 bn | 5.6 bn | 6.3 bn | 6.3 bn | SEC (XBRL)· 17 Mar 2026verified |
| SG&A | 1.6 bn | 2.2 bn | 2.8 bn | 3.4 bn | 3.8 bn | 4.1 bn | SEC (XBRL)· 17 Mar 2026verified |
| Operating income | 820.0 m | 1.3 bn | 1.3 bn | 2.1 bn | 2.5 bn | 2.2 bn | SEC (XBRL)· 17 Mar 2026verified |
| Depreciation & amortisation | 185.5 m | 224.2 m | 291.8 m | 379.4 m | 446.5 m | 496.2 m | SEC (XBRL)· 17 Mar 2026verified |
| EBITDA | 1.0 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | 2.5 bn ≈ | 3.0 bn ≈ | 2.7 bn ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Pre-tax income | 819.4 m | 1.3 bn | 1.3 bn | 2.2 bn | 2.6 bn | 2.2 bn | SEC (XBRL)· 17 Mar 2026verified |
| Income tax | 230.4 m | 358.5 m | 477.8 m | 625.5 m | 761.5 m | 659.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Net income | 588.9 m | 975.3 m | 854.8 m | 1.6 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 17 Mar 2026verified |
| Diluted EPS | 4.50 | 7.49 | 6.68 | 12.20 | 14.64 | 13.26 | SEC (XBRL)· 17 Mar 2026verified |
| Weighted average diluted shares | 130.9 m | 130.3 m | 128.0 m | 127.1 m | 123.9 m | 119.1 m | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 1.3 bn | 1.2 bn | 2.2 bn | 2.0 bn | 1.8 bn | SEC (XBRL)· 17 Mar 2026verified |
| Inventories | 647.2 m | 966.5 m | 1.4 bn | 1.3 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 17 Mar 2026verified |
| Current assets | 2.1 bn | 2.6 bn | 3.2 bn | 4.1 bn | 4.0 bn | 4.3 bn | SEC (XBRL)· 17 Mar 2026verified |
| Property, plant & equipment, net | 745.7 m | 927.7 m | 1.3 bn | 1.5 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 17 Mar 2026verified |
| Goodwill | 386.9 m | 386.9 m | 24.1 m | 24.1 m | 159.5 m | 184.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Intangibles (excl. goodwill) | 80.1 m | 71.3 m | 22.0 m | 0 | 11.7 m | 6.3 m | SEC (XBRL)· 17 Mar 2026verified |
| Total assets | 4.2 bn | 4.9 bn | 5.6 bn | 7.1 bn | 7.6 bn | 8.5 bn | SEC (XBRL)· 17 Mar 2026verified |
| Accounts payable | 172.2 m | 289.7 m | 172.7 m | 348.4 m | 271.4 m | 331.4 m | SEC (XBRL)· 17 Mar 2026verified |
| Short-term debt | 0 | 0 | 0 | 0 | 0 | — | SEC (XBRL)· 27 Mar 2025verified |
| Current liabilities | 883.2 m | 1.4 bn | 1.5 bn | 1.6 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 17 Mar 2026verified |
| Total liabilities | 1.6 bn | 2.2 bn | 2.5 bn | 2.9 bn | 3.3 bn | 3.5 bn | SEC (XBRL)· 17 Mar 2026verified |
| Equity | 2.6 bn † | 2.7 bn † | 3.1 bn † | 4.2 bn † | 4.3 bn † | 5.0 bn † | SEC (XBRL)· 17 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 803.3 m | 1.4 bn | 966.5 m | 2.3 bn | 2.3 bn | 1.6 bn | SEC (XBRL)· 17 Mar 2026verified |
| Capex | 229.2 m | 394.5 m | 638.7 m | 651.9 m | 689.2 m | 680.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Free cash flow | 574.1 m ≈ | 994.6 m ≈ | 327.8 m ≈ | 1.6 bn ≈ | 1.6 bn ≈ | 921.7 m ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Investing cash flow | -695.5 m | -427.9 m | -569.9 m | -654.1 m | -798.2 m | -662.1 m | SEC (XBRL)· 17 Mar 2026verified |
| Financing cash flow | -80.8 m | -845.0 m | -467.5 m | -548.8 m | -1.7 bn | -1.2 bn | SEC (XBRL)· 17 Mar 2026verified |
| Share repurchases | 63.7 m | 812.6 m | 444.0 m | 558.7 m | 1.6 bn | 1.2 bn | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 88 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 11.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet73
- Growth96
- Quality94
- Returns100
- Valuation85
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 106.00 – 327.42 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA106.00 – 327.42 (Mid 152.54)6 companies used · median multiple 5.8x · quartiles 3.9x – 13.2xAS, CRI, GIII, GIL, JRSH, LEVI
- Peers: P/E152.02 – 290.34 (Mid 198.22)10 companies used · median multiple 16.2x · quartiles 12.5x – 23.8xAS, BRIA, COLM, CRI, GIII, GIL, JRSH, LEVI, NCI, SGC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 88/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 42.1% | 91 (vs peers) | 12% |
| Net margin · Quality | 12.8% | 100 (vs peers) | 7% |
| FCF conversion · Quality | 95.5% | 94 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 11.0% | 92 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 25.7% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.6x | 63 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 9.2x | 91 (vs peers) | 12% |
| EV/EBITDA · Valuation | 4.1x | 67 (vs peers) | 12% |
| FCF yield · Valuation | 11.4% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 9.8% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet73/100 · 2/3 factors with a value
- Growth96/100 · 2/2 factors with a value
- Quality94/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation85/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
lululemon athletica inc. (LULU). Latest full fiscal year: 2026; data up to 2026-08-02.
Figures computed from the financial statements: revenue 11.1 bn USD in 2026; YoY growth 4.9%; net margin 12.8%; ROE 30.9%; net debt/EBITDA -0.6x.
The estimated value range is 129.01–308.88 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 175.38 USD, the price of 112.06 USD leaves a potential of 56.5% (value / price − 1) and a margin of safety of 36.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 88/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 42.1%
- Net margin: 12.8%
- FCF conversion: 95.5%
- Revenue CAGR 3Y: 11.0%
- EPS CAGR 3Y: 25.7%
- Current ratio: 2.2x
- P/E (TTM): 9.2x
- FCF yield: 11.4%
- Shareholder yield (distributions): 9.8%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Payout ratio (FCF).
Versus the vertical median
Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASAmer Sports, Inc. | 17.9 bn | 42.2 | 7.9% | 6.5% | +26.7% | −14% / unavailable |
| LULUlululemon athletica inc. | 11.8 bn | 9.2 | 30.9% | 12.8% | +4.9% | −30% / −73% |
| GILGildan Activewear Inc. | 8.0 bn | 16.6 | 15.9% | 11.0% | +10.7% | −22% / +19% |
| COLMColumbia Sportswear Company | 3.6 bn | 18.4 | 12.7% | 6.0% | +0.9% | +32% / −9% |
| GIIIG III Apparel Group Ltd | 1.4 bn | 10.8 | 7.7% | 4.8% | −7.0% | +14% / +15% |
| CRICarter’s, Inc. | 1.2 bn | 5.5 | 22.9% | 7.4% | unavailable | +5% / −51% |
| LEVILevi Strauss & Co | 894.9 m | 15.9 | 25.8% | 8.8% | +4.1% | +8% / +54% |
| SGCSuperior Group Of Companies, Inc. | 224.5 m | 25.6 | 4.3% | 1.4% | +0.1% | +45% / +18% |
| JRSHJerash Holdings (US), Inc. | 73.8 m | 15.3 | 7.6% | 2.8% | +14.0% | +87% / +103% |
| PASWPing An Biomedical Co., Ltd. | 60.1 m | — | -28.4% | -37.6% | unavailable | +541% / unavailable |
| BRIABrilliA Inc | 34.5 m | 11.5 | 21.5% | 4.4% | +15.1% | −23% / unavailable |
| NCINeo-Concept International Group Holdings Limited | 12.8 m | 63.1 | 0.6% | 0.2% | −41.9% | −93% / unavailable |
| LANVLanvin Group Holdings Limited | — | — | -200.4% | -50.3% | −22.9% | −60% / −79% |
| GOOSCanada Goose Holdings Inc. | — | — | 19.8% | 7.0% | +1.1% | −36% / −20% |
| UAUnder Armour, Inc. | — | — | -29.8% | -10.0% | −3.8% | +26% / −27% |
| FIGSFIGS, Inc. | 0 | 67.0 | 14.8% | 8.7% | +13.6% | +124% / +202% |
| ZGNErmenegildo Zegna N.V. | — | — | 10.1% | 5.1% | −1.5% | +39% / +30% |
1- and 3-year price returns: for LULU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 77.65 Total return -31% · Per year -31% | 136.87 Total return 22% · Per year 22% | 205.61 Total return 83% · Per year 83% |
| 3 years | 85.58 Total return -24% · Per year -9% | 168.74 Total return 51% · Per year 15% | 276.84 Total return 147% · Per year 35% |
| 5 years | 94.33 Total return -16% · Per year -3% | 208.04 Total return 86% · Per year 13% | 372.73 Total return 233% · Per year 27% |
- Exit P/E± 42.19
- Net margin± 29.53
- Annual revenue growth± 22.81
- Annual dilution± 2.48
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
lululemon athletica inc. designs, distributes and retails technical athletic apparel, footwear and accessories through an omnichannel network of company-operated stores and e-commerce. The company is under pressure: Americas revenue has declined, guidance for 2026 points to a decline, while China Mainland and Rest of World have grown.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Decline in the Americashigh
Lower traffic and conversion in the Americas could persist if remediation actions do not work as planned 12.
- Tariffs and trade policyhigh
Tariff changes and the removal of the de minimis exemption could reduce gross margin further 12.
- Leadership transitionmedium
The departure of the chief executive and the interim leadership period could create uncertainty and affect strategy 13.
- Competition and imitationmedium
Competing products and cheap imitations could reduce market share and brand premium 1.
- Supplier dependencemedium
Concentration of production with a few vendors could expose the company to supply chain disruption 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Delivery against the fiscal 2026 net revenue outlook2026
- Development of Americas comparable salesQ3 2026
- Final amount of IEEPA tariff refundsnext 10-K
- Effect of the new chief executive on strategy2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company is a designer, distributor and retailer of technical athletic apparel, footwear and accessories under the lululemon brand, with a stated purpose to help people feel their best 1. Net revenue in fiscal 2025 reached 11.1 billion USD, up 5% 1. The model is omnichannel, combining company-operated stores, e-commerce, wholesale, outlets and the Like New re-commerce program 1. Products are made by external vendors, with no owned manufacturing facilities 1.
Net revenue is seasonal, with the fourth fiscal quarter typically generating a substantial share of operating profit, notably the holiday season in the Americas 1.
The company operates 825 company-operated stores at the end of the second quarter of fiscal 2026 3.
Segments
Americas
Americas generated 71% of net revenue in 2025 but declined slightly, reflecting a comparable sales decrease and tariff pressure 1. In the second quarter of fiscal 2026 Americas revenue fell 8% and comparable sales fell 12% 2.
Market context
The athletic apparel market is highly competitive, with global, regional and specialized players, and pricing and margins are under pressure 1. The company has noted that dupe and imitation products could affect the brand premium 1. Consumer preferences shift quickly, which makes product innovation essential 1.
The macroeconomic environment, trade policy and US tariffs directly affect costs and margins 12. The company said it could recover part of the tariffs paid earlier, but the final amount remains uncertain 2.
Trends
- US tariffsheadwind
Higher tariffs and the removal of the de minimis exemption reduced gross margin and are described as a significant adverse effect 1. The company received IEEPA tariff refunds in the second quarter of fiscal 2026 3.
- Tariff refundsmixed
IEEPA tariff refunds temporarily improved gross margin and profit, but future amounts remain uncertain 2.
- Growth in Asia and Europetailwind
Revenue in China Mainland and Rest of World grew in 2025, supported by new stores and brand awareness 1.
- Decline in North Americaheadwind
Weaker traffic and conversion in the Americas were the main pressure on results 12.
Competitive position
The company competes with large apparel and sporting goods companies with global brand recognition, as well as regional and specialized retailers in yoga and activewear 1. Differentiation rests on premium brand image, technical innovation and its vertical distribution model 1.
Competition is intensifying through new entrants and cheaper imitations, and the company acknowledges it cannot fully protect all its intellectual property 1. Long-term success depends on maintaining brand differentiation 1.
- NikeNKE
Global sporting goods company with strong brand recognition, part of the large apparel companies the filing describes as competitors 1.
- Large diversified apparel companies
Broad apparel groups expanding technical performance products and marketing, referred to generically in the filing 1.
- Regional and specialized retailers
Local and niche competitors, including those focused on yoga or women's athletic apparel, referred to in the filing 1.
- Commodity athletic apparel sellers
Sellers of basic items such as cotton T-shirts and sweatshirts that draw from the same customer segments 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Jim Cramer Left Intrigued By Lululemon Athletica Inc. (NASDAQ:LULU)’s “Self Destruction”Yahoo Finance — News · 04 Sept 2026 · EN
- Lululemon Athletica Inc. Q2 2026 Earnings Call SummaryYahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 22 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report22 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report07 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Sept 2026Departure or appointment of officers · Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report03 Sept 2026
- Current report03 Sept 2026Results of operations · Financial statements and exhibits
- Current report13 Aug 2026Other events
- Current report26 Jun 2026Departure or appointment of officers · Shareholder vote
- Quarterly report04 Jun 2026
- Current report04 Jun 2026Results of operations · Financial statements and exhibits
- Current report27 May 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-02-01 · SEC / lululemon athletica inc. · 17 Mar 2026
- [2] Form 10-Q, quarter ended 2026-08-02 · SEC / lululemon athletica inc. · 03 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / lululemon athletica inc. · 03 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.