Results missed expectations, and Q3 guidance now points to a 10–11% revenue decline. Shares plunged 18% after hours to around $100, setting a new 52-week low.
+9In Q2, tariff refunds lifted GPM by 200bps YoY and OPM reached 18.8%.
However, North America revenue fell 8%, while Mainland China grew just 4% with comps down 8%.The company cut its FY revenue guide to $10.35–10.5bn and EPS to $9.48–9.73.It is betting on larger orders for winning SKUs, stepping up brand marketing in 2H, and more aggressive cost discipline.
Below is Dolphin Research's Trans from Lululemon's FY26 Q1 earnings call.
For our earnings take, see 'Lululemon: Founder blasts, weak print—can a new CEO save its black-leggings franchise?'Revenue barely in line. Guidance slashed.
Below is Dolphin Research's Lululemon FY25 earnings call Trans.
For our analysis of the results, please see 'Lululemon: Fast-fashion blitz — can a ZARA-style push save the black leggings?'.---North America, the 'home market', remains soft
Below is Dolphin Research's Trans of Lululemon's FY25 Q3 earnings call. For our earnings analysis, please see 'Lululemon: Green shoots or a flash in the pan?'
China surged again. Now the key growth driver.
The following are the Minutes of Lululemon's Q2 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "Lululemon: Davis Double Kill! Can the 'Little Black Pants' Hold Up?"
Lululemon released its Q2 2025 financial report (ending June 2025) after the U.S. stock market closed on the morning of September 5, 2025, Beijing time. Overall, Lululemon's performance this quarter remained disappointing. Despite the company having already lowered its guidance in the previous quarter, this quarter's results still fell short of expectations. What further concerns the market is that the company has once again lowered its full-year revenue guidance from 5%-7% to 2%-4%, causing the company's stock price to plummet by more than 15% after hours.
