What Is Lululemon No Longer Telling You?

Lululemon Athletica (LULU) stock is priced at 7.3 times earnings, compared to a 21.5 multiple for the S&P 500. A valuation that low suggests buyers doubt those earnings can last. Shareholders need to understand exactly what they are holding as the company changes its priorities. Back in March 2025, management focused heavily on introducing new shoppers to the Lululemon brand. Today, executives are highlighting a very different narrative. So what is it.