Why Lululemon fell 17% on EPS 64% above its own guidance
Lululemon's $2.92 second-quarter EPS included $0.86 of IEEPA tariff refunds. Strip it out of the new full-year outlook and the cut is 21%, not 13%.
5 primary sourcesTicker · 1 article
LULU
Every article on this page was built from the company's own filings. The documents they were read from are listed below, so you can check any figure yourself.
Last checked Sep 4, 2026All companies
Figures we worked out for LULU
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| Why Lululemon fell 17% on EPS 64% above its own guidance | ||
| Reported EPS against the midpoint of second-quarter guidance | +63.6% | 2.92 / ((1.76 + 1.81) / 2) - 1 |
| Second-quarter net revenue against the bottom of guidance | −1.4% | 2415631 / 2450000 - 1 |
| Net revenue, year on year | −4.3% | 2415631 / 2525219 - 1 |
| Gross profit, year on year | −1.0% | 1461878 / 1477202 - 1 |
| Gross margin, this quarter as reported | +60.5% | 1461878 / 2415631 |
| Gross margin, prior-year quarter | +58.5% | 1477202 / 2525219 |
| Gross margin excluding the tariff refunds | +54.9% | (1461878 - 134500) / 2415631 |
| Selling, general and administrative expenses, year on year | +5.7% | 1006332 / 951658 - 1 |
| Income from operations, year on year | −13.4% | 453653 / 523814 - 1 |
| Operating margin, this quarter as reported | +18.8% | 453653 / 2415631 |
| Operating margin, prior-year quarter | +20.7% | 523814 / 2525219 |
| Operating margin excluding the tariff refunds | +13.2% | (453653 - 134500) / 2415631 |
| Net income, year on year | −11.2% | 329223 / 370905 - 1 |
| Diluted EPS as reported, year on year | −5.8% | 2.92 / 3.10 - 1 |
| Diluted EPS excluding the refunds, year on year | −33.5% | (2.92 - 0.86) / 3.10 - 1 |
| Diluted share count, year on year | −5.6% | 112919 / 119680 - 1 |
| Diluted EPS excluding the refunds, on the prior-year share count | −37.4% | (329223 - 0.86 * 112919) / 119680 / 3.10 - 1 |
| Americas net revenue, year on year | −8.0% | 1616772 / 1758217 - 1 |
| China Mainland net revenue, year on year | +3.6% | 407095 / 392898 - 1 |
| Rest of World net revenue, year on year | +4.7% | 391764 / 374104 - 1 |
| Full-year net revenue guidance change at the midpoint | −5.9% | ((10.350 + 10.500) / 2) / ((11.000 + 11.150) / 2) - 1 |
| Full-year diluted EPS guidance change at the midpoint, as given | −13.1% | ((9.48 + 9.73) / 2) / ((10.95 + 11.15) / 2) - 1 |
| Full-year diluted EPS guidance change with the refunds removed | −20.9% | (((9.48 + 9.73) / 2) - 0.86) / ((10.95 + 11.15) / 2) - 1 |
| Third-quarter EPS guidance against the prior-year quarter | −63.1% | ((0.93 + 0.98) / 2) / 2.59 - 1 |
| First-half net revenue, year on year | −0.2% | 4887234 / 4895879 - 1 |
| First-half income from operations, year on year | −24.1% | 730599 / 962439 - 1 |
| First-half operating cash flow, year on year | +181.0% | 589278 / 209722 - 1 |
| After-tax value of the refunds, $m | $97m | 0.86 * 112919 / 1000 |
| Opening gap on 4 September 2026 | −19.4% | 98.15 / 121.77 - 1 |
| Closing change on 4 September 2026 | −17.4% | 100.61 / 121.77 - 1 |
| Volume against the prior 24-session average | 9.49× | 37426243 / 3945497 |
31 figures from 1 article. Totals and industry averages that belong to no single company are not listed here.
Primary sources used
- lululemon athletica inc. — Form 10-Q for the quarter ended 2 August 2026, filed 3 September 2026Consolidated statements of operations and cash flows; Note 11 Segmented Information. Amounts are in thousands
- lululemon athletica inc. — Form 8-K filed 3 September 2026, Exhibit 99.1Second quarter fiscal 2026 results, the IEEPA tariff refund footnote, and the revised third-quarter and full-year 2026 outlook. The exhibit is furnished, not filed
- lululemon athletica inc. — Form 8-K filed 4 June 2026, Exhibit 99.1The outlook this article measures the cut against — full-year net revenue $11.000–11.150bn and diluted EPS $10.95–11.15, stated not to reflect any potential IEEPA tariff refunds
- lululemon athletica inc. — Form 10-Q for the quarter ended 2 November 2025, filed 11 December 2025The prior-year third quarter this article compares the third-quarter guidance against — diluted EPS of $2.59
- Daily prices, LULU, 3 August – 4 September 2026 (market data, not a filing)Databento US Equities Summary, OHLCV-1d schema, retrieved with scripts/quote.mjs. Data Provided by Databento. Prices are delayed; the latest session used here is 4 September 2026
5documents, deduplicated. Links go to the original filing, not to a summary.