Lululemon's upcoming September 3, 2026, Q2 earnings call comes amid sharply reduced full-year guidance issued after Q1 results, with North America revenue declining 3% and comparable sales down due to weak U.S. traffic, conversion, and brand momentum. International growth, particularly in China Mainland, has partially offset domestic softness, but persistent margin pressure from tariffs, higher marketing spend, and inventory dynamics has weighed on sentiment. Traders are focused on any updates to the lowered $11.0–11.15 billion revenue and $10.95–11.15 EPS outlook, commentary on full-price selling versus clearance, and early signals from incoming CEO Heidi O'Neill, who assumes the role days after the call amid competition from brands like Alo Yoga and Vuori.