In the first quarter of fiscal year 2026, lululemon reported revenue of $2.5 billion, up 4% year over year; net revenue in the Americas declined by 3%, while international net revenue grew by 22%.
Earnings per share were $1.69, compared with $2.60 in the same period last year.
The company repurchased 2.2 million shares at total cost, amounting to US$358.3 million.
In the first quarter, the company added 5 company-operated stores, bringing its total number of stores to 816.
Interim Co-CEO and CFO Megan Frank stated: "At the start of 2026, our team delivered with speed, agility, and discipline, posting a solid opening quarter. We remain committed to driving ongoing improvements…" North America showed some positive signs this quarter, including a sequential increase in full-price sales. However, recent headwinds have prompted us to revise our full-year outlook. We have conducted a thorough review of our business and are taking additional steps to recalibrate our strategic positioning where necessary, while further strengthening our product portfolio. We remain confident in our long-term growth trajectory.
André Maestrini, Interim Co-CEO, President, and Chief Commercial Officer, stated: "This quarter, as we expand into new markets and elevate our global product offerings, brand presence, and customer experience, the lululemon community continues to grow. This includes the successful launch of product lines and marketing initiatives across categories such as yoga, tennis, and running, as well as upgrades to our brick-and-mortar stores and digital channels—efforts we will continue to deepen in the months ahead. We recognize that much remains to be done, and our team will stay focused on our key priorities, driving a renewed growth trajectory and unlocking lululemon's full potential."
2026 Outlook
The company expects net revenue for the second quarter of 2026 to be in the range of $2.45 billion to $2.475 billion, representing a decline of 3% to 2%. Diluted earnings per share are expected to fall within the range of $1.76 to $1.81 this quarter.
The company currently expects 2026 net revenue to fall within the range of $11.0 billion to $11.15 billion, representing a decline of 1% to 0%. Diluted earnings per share are expected to be in the range of $10.95 to $11.15 for the year.
