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Lululemon cuts fiscal 2026 guidance; shares drop 11% after hours

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According to CNBC, Lululemon lowered its fiscal 2026 outlook and issued a weak current-quarter forecast, with interim CEO Meghan Frank citing negative media and social commentary and product launches that did not resonate with shoppers. Shares fell 11% in extended trading. The company now expects fiscal 2026 sales of $11 billion to $11.15 billion, down from $11.35 billion to $11.50 billion, and earnings per share of $10.95 to $11.15, down from $12.10 to $12.30. For the current quarter, it forecast sales of $2.45 billion to $2.48 billion and EPS of $1.76 to $1.81. For its fiscal first quarter ended May 3, Lululemon reported EPS of $1.69 on revenue of $2.47 billion, versus estimates of $1.68 and $2.43 billion, respectively. Net income fell to $195 million, or $1.69 per share, from $314.6 million, or $2.60 per share, a year earlier, while revenue rose about 4% from $2.37 billion. Comparable sales increased 1%, with Americas comparable sales down 5% and international sales up 22%. Gross margin fell 4.1 percentage points to 54.2%, which the company attributed primarily to tariffs and higher discounting. It said it expects gross margin to decline another 4.1 percentage points in the current quarter. Lululemon also said it has hired Nike veteran Heidi O'Neill as its next CEO, with a start date in September, and has settled its proxy contest with founder Chip Wilson.

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