lululemon athletica inc. (LULU) Announced Q1 2026 Earnings on June 4, 2026, Reporting "total net revenue rose 4% or 2% in constant currency to $2.5 billion"

For the first quarter, Interim Co-CEO and CFO Meghan Frank reported "total net revenue rose 4% or 2% in constant currency to $2.5 billion". Gross profit for the first quarter was $1.34 billion or 54.2% of net revenue.Operating income for the quarter was $277 million, or 11.2% of net revenue.Net income for the quarter was $195 million, or $1.69 per diluted share.Inventory at the end of the first quarter was $1.7 billion.Management stated their priorities are to strengthen performance in North America while continuing to expand their global growth engine.The company noted that recent sales trends were impacted by spikes of negative commentary regarding the brand and some product launches not meeting expectations. In response, management is focusing on a three-pillar action plan including product creation, product activation, and enterprise enablement.The company is leaning into faster chase times, chasing 20% more volume this year relative to last year, and reducing their mainline product development process. In North America store channels, the company is featuring 15% fewer SKUs to better highlight new styles and innovation.The company noted good guest response to updates in key run franchises including Fast and Free, Swiftly, and Metal Vent, as well as the Day drift and Define styles.The brand held a yoga experience on The Great Wall of China and announced the return of the SeaWheeze half marathon event in Vancouver.Upcoming product launches will include warm weather styles across run, tennis, golf, and lifestyle offerings, as well as new lounge fabrics in the second half of the year.For the second quarter, management expects revenue in the range of $2.45 billion to $2.475 billion.They expect earnings per share in the second quarter to be in the range of $1.76 to $1.81.For the full year 2026, the company expects revenue to be in the range of $11 billion to $11.15 billion.For the fiscal year 2026, the company expects diluted earnings per share in the range of $10.95 to $11.15.Capital expenditures for the full year are expected to be approximately $700 million to $720 million.