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Lululemon$LULU · filed: grew revenue 4.9% in FY2026 to $11.1BNew shipTrillion Score 626Fall Risk LowNext year $10.1B–$13.3B sealedCheck ▾Close ▴
What Lululemon filed
Grew revenue 4.9% in FY2026 to $11.1 billion, operating margin 19.9%, equity 58.7% of assets. Every figure links to the filing it came from on Lululemon’s card. New ship: no warning signs. Trillion Score 626, #1 of 10 in its field; Fall Risk Low (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-02-01 between $10.1B and $13.3B, an 80% range sealed on 27 Sept 2026 · receipt #c1e4c9 · graded in public by the revenue in Lululemon’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
First contested board election in Lululemon's history tests founder's **$7.1B stake** against incumbent strategy amid North American sales decline.
15.7% stake
valued near
$7.1B
filed his slate in March after months of public…
3%
in the fourth quarter
6-8%
for fiscal 2025
Lululemon Athletica's board issued a formal rejection of founder Chip Wilson's proxy slate this week, escalating a governance fight that will place four board seats before shareholders at the company's annual meeting. Wilson, who stepped down as chairman in 2013 and retains a 15.7% stake valued near $7.1B, filed his slate in March after months of public criticism over merchandise strategy and North American sales execution.
The board's defense circular argues Wilson's nominees lack relevant retail operations experience and would destabilize continuity during a critical international expansion phase. Wilson counters that current directors enabled CEO Calvin McDonald's shift toward broader athleisure categories at the expense of the technical yoga apparel that built the brand. Lululemon's North American comparable sales dropped 3% in the fourth quarter, the first decline in five years outside pandemic disruption. The company projects full-year revenue growth of 6-8% for fiscal 2025, down from historical double-digit expansion.
The proxy contest marks the first time Lululemon shareholders will vote on competing director slates. Wilson's nominees include a former Adidas executive, a private equity operating partner with consumer goods experience, and two board governance specialists. The company's slate features sitting directors with tenure averaging 6.2 years and backgrounds spanning CPG, digital retail, and supply chain logistics. Proxy advisory firms ISS and Glass Lewis have not yet published recommendations; their guidance typically influences 25-35% of retail shareholder votes in contested elections.
The fight centers on execution risk in a maturing North American market and Wilson's belief that product innovation has stalled. Lululemon launched 127 new SKUs in 2024, down from 183 in 2022, while expanding footwear and golf apparel lines that Wilson publicly dismissed as category dilution. The company operates 711 stores globally with plans to reach 55 locations in mainland China by year-end, a market McDonald identifies as the primary growth vector. Wilson argues China expansion distracts from fixing U.S. merchandise assortment and store productivity, which declined 4.1% year-over-year in Q4 on a same-store basis.
Institutional shareholders holding 68% of outstanding shares will determine the outcome. Fidelity owns 8.3%, Vanguard 7.1%, and BlackRock 5.4%. None have disclosed voting intentions. The annual meeting is scheduled for June 11 in Vancouver, with proxy materials due by May 23. If Wilson's slate wins even two seats, it would shift board composition enough to force strategic review of product development timelines and capital allocation between North America and Asia.
The company's defense emphasizes McDonald's track record: revenue grew from $2.6B in 2018 to $10.6B in 2024, and operating margin expanded 320 basis points to 21.8%. Wilson's public letters note that gross margin contracted 180 basis points in the most recent quarter and inventory turnover slowed to 4.2x from 5.1x two years prior. Lululemon will report Q1 earnings on June 5, six days before the shareholder vote.
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For the principal
Wilson's 15.7% stake and retail credibility make this a real contest; outcome signals tolerance for founder intervention at scale.
For the operator
Watch ISS/Glass Lewis recommendations by May 16; institutional votes typically follow, and 68% institutional ownership determines the result.
For the house
Named accounts with LULU exposure: monitor June 5 earnings for inventory and margin guidance before June 11 vote outcome.
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