Lululemon Q2 revenue misses guidance, U.S. comps -4%; cuts FY2025 outlook on tariffs

lululemon athletica inc.

2025-Q2 EPS reported $5.70 revenue$4,895,879,000

Q2 revenue $2.5B (+7% YoY), diluted EPS $3.10; revenue below guidance, EPS above expectations.
Americas comparable sales -4% (-3% constant dollar); international comps +15%; CEO cites U.S. product execution issues.
Gross margin -110 bps to 58.5%, operating margin -210 bps to 20.7%; inventories +21% to $1.7B.
FY2025 revenue guidance cut to $10.85B-$11.00B (growth 2-4%); EPS guidance $12.77-$12.97; includes ~$240M tariff hit.
Repurchased 1.1M shares for $278.5M in Q2; 784 stores, net +14.

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