While Lululemon continues to see international growth and strength in its performance apparel segment, significant challenges in the U.S. market, revenue guidance reductions, and adverse impacts from tariffs and removal of the de minimis provision overshadow these achievements. Efforts to revitalize the product assortment and improve agility are underway but will take time to manifest. Inventory issues and increased markdown pressures further contribute to the challenges faced.

Company Guidance

During the Lululemon Athletica Inc. second quarter 2025 earnings call, the company revised its guidance, citing several challenges impacting its performance. While EPS exceeded expectations, revenue fell short, leading to a reduction in revenue growth expectations to 4% to 6% for the fiscal year, excluding the 53rd week in 2024. The call highlighted a 1% to 2% expected decline in U.S. revenue, offset by anticipated growth of 20% to 25% in China and approximately 20% in the Rest of World segment. The company attributed the guidance reduction to increased tariffs and the removal of the de minimis provision, which is expected to impact gross margins by approximately 300 basis points for the year. Lululemon plans to mitigate these pressures through strategic pricing, supply chain initiatives, and expense management. Despite these headwinds, the company remains focused on product innovation, with plans to increase new styles in its assortment from 23% to 35% by spring 2026, and expects significant improvements in its product portfolio starting in 2026.

International Growth

Total revenue in China increased 25% (or 24% in constant currency) with the opening of 5 new stores. Rest of World revenue increased 19% (or 15% in constant currency).

Membership Program Expansion

The membership program continues to grow with approximately 30 million members, indicating strong brand engagement.

Continued Performance Apparel Strength

Performance apparel shows continued growth across key activities such as yoga, run, train, golf, and tennis. Lululemon continues to gain market share even as the sector declines.

New Store Openings

Lululemon plans to open 40 to 45 net new company-operated stores in 2025, with significant expansion in Mexico and China.

Lululemon Athletica (LULU) Earnings, Revenues Date & History

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LULU Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Dec 04, 2025	2025 (Q3)	2.23 / -	2.87	―	―	―
Sep 04, 2025	2025 (Q2)	2.91 / 3.10	3.15	-1.59% (-0.05)
Jun 05, 2025	2025 (Q1)	2.58 / 2.60	2.54	2.36% (+0.06)
Mar 27, 2025	2024 (Q4)	5.85 / 6.14	5.28	16.29% (+0.86)
Dec 05, 2024	2024 (Q3)	2.71 / 2.87	2.53	13.44% (+0.34)
Aug 29, 2024	2024 (Q2)	2.95 / 3.15	2.68	17.54% (+0.47)
Jun 05, 2024	2024 (Q1)	2.42 / 2.54	2.28	11.40% (+0.26)
Mar 21, 2024	2023 (Q4)	5.00 / 5.28	4.4	20.00% (+0.88)
Dec 07, 2023	2023 (Q3)	2.28 / 2.53	2	26.50% (+0.53)
Aug 31, 2023	2023 (Q2)	2.54 / 2.68	2.2	21.82% (+0.48)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

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Missed

LULU Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Sep 04, 2025	$206.09	$167.80	-18.58%
Jun 05, 2025	$330.78	$265.27	-19.80%
Mar 27, 2025	$341.53	$293.06	-14.19%
Dec 05, 2024	$344.81	$399.60	+15.89%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.