Wall Street sees $1.79 a share from Lululemon, less than half of last year's. Does it clear even that bar on Sept 3?

Lululemon reported fiscal second-quarter results on Sept. 3, 2026, posting net income of $2.92 per share, well above the $1.79 per share Wall Street had expected, according to analysts surveyed by Zacks Investment Research. The beat was driven largely by a one-time item: the company recorded $134.5 million in tariff refunds under the International Emergency Economic Powers Act, plus $4.1 million in related interest, adding roughly $0.86 to per-share earnings. Adjusted earnings, excluding that benefit, came to $2.06 per share, still above the analyst estimate. Revenue fell 4% year-over-year to $2.42 billion, missing the $2.47 billion analysts had forecast, and shares fell sharply after the report as investors focused on the underlying sales decline rather than the headline earnings beat.

The market's yes outcome was confirmed. The community got this one wrong: only 41% predicted the company would clear the $1.79 bar, reflecting skepticism about the retailer's ability to reverse a slowdown in North American demand that had weighed on the stock for much of 2026. Lululemon guided full-year earnings to $9.48 to $9.73 per share.