---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41503644.md"
description: "LULU 1Q26 First Take: another print with revenue fine but guidance a bomb. With expectations already low after multiple cuts, Q1 revenue landed slightly above plan. However, management slashed Q2 and FY guides (sales from +2%-4% to -1% to flat; profit from a low-single-digit decline to a 15%-17% drop), sending shares down 11% AH.1) Growth improved QoQ but remains soft. Revenue was $2.472bn, +4% YoY (+2% ex-FX; ~200bps FX tailwind), a touch above guidance. By category, women’s (the core) delivered $1.56bn, +4.4% YoY. Given NA comps of -5% and management’s lukewarm read on newness, the growth likely came from Intl, with core NA customers not buying into new products. Men’s was $580mn, +6.8% YoY, outpacing women’s. Other (accessories, footwear, etc.) was $290mn, -1.4% YoY, also weak.2) The biggest problem remains a soft North America. NA revenue fell 3% YoY, comps -5%, with traffic, conversion and ticket all down—the worst combo. Mainland China was the bright spot: revenue +29%, comps +20%, clearly driven by traffic rather than discounting, making the growth higher quality than in prior quarters. Other Intl markets grew 12% (comps +5%), but momentum slowed due to Middle East conflict and softer tourism in Europe and Japan.3) Profit was weak, and guidance was cut sharply. Tariff headwinds and discounting pressure amid weak NA demand pushed GPM down 410bps YoY to 54.2% in Q1. On opex, earlier-timed brand activations (Indian Wells tennis, Milan Olympics, etc.) and spend tied to distribution-rights competition lifted the SG&A ratio by 310bps to 42.9%. OPM was 11.2%, down 730bps YoY, the weakest in years. More to come from Dolphin Research’s follow-up take & Trans.$Lululemon(LULU.US)"
datetime: "2026-06-05T00:06:51.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41503644.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41503644.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41503644.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# LULU 1Q26 First Take: another print with revenue f…


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