Lululemon Q2 revenue down 4% to $2.4B, comps -9%; cuts FY26 outlook

lululemon athletica inc.

Q2 revenue $2.4B, down 4% YoY (5% constant dollar); comparable sales down 9% (10% constant dollar).
Diluted EPS $2.92 vs $3.10; includes $0.86/share from $134.5M IEEPA tariff refunds plus $4.1M interest.
Americas revenue -8%, comps -12%; International revenue +4% (2% cc), comps -3% (6% cc).
FY26 guidance cut: revenue $10.35-10.50B (-5% to -7%); EPS $9.48-9.73; Q3 revenue -10% to -11%.
Heidi O'Neill to join as CEO next week; Meghan Frank and André Maestrini serving as interim co-CEOs.

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