Q2 FY27 · Ended Aug 2, 2026 · View SEC filing
The Americas alone out-earns the whole company
Central design, brand and head office costs absorb the difference, and they kept growing while sales fell.
For investorsWhat Lululemon's margin looks like once the tariff refund is gone
For foundersBuilding a premium brand on fabric you do not own
Refunds of struck-down tariffs sit in cost of goods sold, and without them the filing shows a lower margin than a year earlier.
Growth abroad came from new stores while comparable sales fell, and Rest of World keeps far less of each sale.
Gross margin stayed between 55.2% and 59.2% every year as revenue more than tripled, with no factories of its own.
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Business Lens describes Lululemon Athletica from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
