Lululemon Athletica said increased tariffs and the removal of the de minimis exemption will reduce income from operations for 2025 by approximately $210 million, net of mitigation efforts. The company added that the impact of increased tariffs, net of mitigating activities, resulted in a reduction to income from operations for the first Q3 of 2025 of approximately $60 million.

1. 01

   Lululemon Athletica said increased tariffs and the removal of the de minimis exemption will reduce income from operations for 2025 by approximately $210 million, net of mitigation efforts. The company added that the impact of increased tariffs, net of mitigating activities, resulted in a reduction to income from operations for the first Q3 of 2025 of approximately $60 million.

2. 02

   Lululemon Athletica said China Mainland comparable sales increased 24%, or 25% on a constant dollar basis, in Q3 2025. The company added that Americas comparable sales decreased 5% and Americas net revenue decreased 2%.

3. 03

   Lululemon Athletica said diluted earnings per share were $2.59 in Q3 2025 compared to $2.87 in Q3 2024. Income tax expense decreased 12% to $134.9 million, and the effective tax rate was 30.5% in Q3 2024 compared to 30.2% in the prior year.

4. 04

   Lululemon Athletica said it repurchased 3.5 million shares in the open market for a total consideration of $906.6 million, including fees and taxes, in the first Q3 of 2025. The company repurchased 4.2 million shares for $1.3 billion in the first Q3 of 2024.

Key figures

Quarter ended November 2, 2025

Revenue

$2.6B

Operating income

$436M

Net income

$307M

EPS

$2.59

Gross profit

$1.4B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.