Trading Post June 5, 2026
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The lululemon athletica (LULU) earnings call was uninspiring as expected. That was interim co-CEOs defined. No new information. Gross margins fell 330 basis points (bps), mostly tariffs at -380 bps offset by +100 bps of cost cutting, then marked down b…-40 bps of markdowns. If no tariff impact, gross margins would have compared much better with prior levels.
The company has about $1.5 billion cash and insignificant financial debt. Last year’s Q1 was a free cash flow nightmare, whereas this year was better, and positive. Cash conversion cycle is nearly 3 months, roughly in line with history back to 2012, though trending up ever so slightly.
Cash Conversion Cycle, LULU, Quarterly, 2012 -Present
Of the 32 Wall Street analysts covering LULU, only 2 have buy ratings. This is the least cheery consensus I have seen for a company in this financial condition without significant legal or regulatory liabilities pending.