Q2
LULU — Q2 2026 Financial Report Analysis
lululemon reported a 4% revenue decline and a 200 bps gross margin gain in Q2 FY2026, but 560 bps of that margin came from a one-time $134.5m refund of court-invalidated IEEPA tariffs — excluding it, operating margin was about 13.2% versus 20.7%, with Americas comparable sales down 12%.