Lululemon reports US$195M net income in first quarter, downgrades 2026 outlook

The Lululemon logo on a Lululemon store in Pittsburgh, Monday, June 3, 2024. (AP Photo/Gene J. Puskar)

VANCOUVER — Lululemon Athletica Inc. says its latest quarter saw its profit fall from last year as its revenue was higher.

The Vancouver-based retailer, which keeps its books in U.S. dollars, reported net income of US$195 million in its first quarter, compared with US$314.6 million a year earlier.

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The result for the period ended May 3 amounted to earnings per diluted share of US$1.69, down from US$2.60 a year earlier.

Its revenue was US$2.5 billion, up by about four per cent from its prior first quarter.

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The company also downgraded its outlook for 2026, saying it now expects net revenue for the full year to be in the range of US$11 billion to US$11.15 billion, and diluted earnings per share to be in the range of US$10.95 to US$11.15.

Last week, Lululemon headed off a showdown at its upcoming meeting by signing an agreement with estranged founder Chip Wilson to put two of his three nominees on the company’s board, in exchange for the entrepreneur quelling his attacks on the brand.

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This report by The Canadian Press was first published June 4, 2026.