Lululemon's upcoming September 3 earnings call will likely center on persistent North American weakness following the Q1 2026 results, where the company cut full-year revenue guidance to flat to down 1% and EPS to $10.95–$11.15 amid U.S. comparable sales declines and negative brand sentiment from media commentary. Strong China growth of around 30% in Q1 and expectations for mid-teens to 20% expansion remain key offsets, alongside efforts to boost new product penetration to 35%, accelerate full-price sales, and reduce markdowns. Traders are watching for updates on inventory discipline, store openings skewed toward international markets, and early signals from incoming CEO Heidi O'Neill, who starts shortly after the call.