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Global Gains vs. Domestic Drags: Is lululemon's Balance Shifting?

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Key Takeaways

  • lululemon's Q2 results show strong global sales offsetting weaker North American demand.
  • International growth, led by China and Europe, is becoming a key performance driver for lululemon.
  • The company plans to reignite U.S. demand while executing its "Power of Three x2" global expansion roadmap.

lululemon athletica inc.’s (LULU - Free Report) second-quarter fiscal 2025 results underscored a shifting growth equation, robust international momentum, counterbalanced by softness in its core North American market. While revenue growth missed expectations, international sales, particularly in China and Europe, surged, helping offset sluggish domestic trends. The company’s management attributed the North American slowdown to softer consumer demand in women’s apparel and lifestyle categories, while core performance segments like yoga and runwear continued to hold firm. This divergence highlights a company in transition, leaning on its expanding global presence to stabilize performance amid evolving U.S. consumer patterns.

Management emphasized that international expansion remains a central pillar of lululemon’s long-term strategy. With stores in key markets and growing brand awareness across Asia and Europe, the retailer’s overseas business now accounts for an increasing share of total sales. The company continues to invest in localization, product adaptation and community-driven engagement to accelerate its global momentum. Meanwhile, management’s focus on supply-chain efficiency and digital integration is designed to sustain margin strength while fueling growth abroad.

Looking ahead, lululemon aims to rebalance its portfolio by reigniting U.S. demand while capitalizing on global tailwinds. Plans to expand product “newness” and improve design agility could reinvigorate domestic sales, while the “Power of Three x2” roadmap prioritizes geographic diversification and category innovation. As North American consumers grow more selective, lululemon’s ability to convert international enthusiasm into sustained profitability may define its next chapter, transforming global gains into the company’s most powerful growth engine yet.

Are NIKE & Ralph Lauren Facing the Same Growth Divide as lululemon?

As lululemon navigates slowing U.S. demand alongside accelerating international growth, investors are now watching NIKE Inc. (NKE - Free Report) and Ralph Lauren Corporation (RL - Free Report) to see if these retail giants are confronting a similar global-versus-domestic growth divide.

NIKE’s first-quarter fiscal 2026 results reflected a recalibration between global strength and domestic softness. While international markets, particularly Greater China and EMEA, delivered solid gains, North America saw muted sales, amid cautious wholesale orders and inventory adjustments. The company remains focused on driving innovation, streamlining assortments and expanding its digital ecosystem. With disciplined cost control and renewed product energy, NIKE aims to restore balance and reignite momentum across key global markets.

Ralph Lauren’s first-quarter fiscal 2026 highlighted steady global growth, offset by moderating trends in North America. Strength in Europe and Asia, driven by brand elevation and strong full-price sales, helped counter softer U.S. wholesale demand. The company’s strategy of pricing discipline, regional diversification and focus on luxury positioning continues to support margin resilience. With technology-driven agility and expanding international traction, Ralph Lauren is steadily rebalancing toward sustainable global-led growth.

The Zacks Rundown for LULU

lululemon’s shares have plummeted 40.9% in the past year compared with the industry’s decline of 22.7%.

 

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From a valuation standpoint, LULU trades at a forward price-to-earnings ratio of 13.06X, higher than the industry’s 11.04X.

 

Zacks Investment Research
Image Source: Zacks Investment Research

 

The Zacks Consensus Estimate for lululemon’s fiscal 2025 earnings implies a year-over-year decline of 11.9%, whereas the consensus mark for fiscal 2026 EPS suggests growth of 1.1%. Earnings estimates for fiscal 2025 and 2026 have been southbound in the past 30 days.

 

Zacks Investment Research
Image Source: Zacks Investment Research

 

LULU currently carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


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