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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
Wilson's settlement adds merchant-level board pressure at **18x forward earnings**, four points below five-year average, as August inventory disclosure becomes the new watch point.
14%
of outstanding shares
$9.2 billion
in trailing revenue but watched gross margin compress
180 basis points
year-over-year as promotional activity increased
22%
since Wilson's initial filing
Lululemon Athletica settled the proxy contest founder Chip Wilson launched in December, granting him two board nominees and closing a challenge that began when the company's shares traded near $390. Wilson, who built the brand from a Vancouver yoga studio and remains the largest individual shareholder with roughly 14% of outstanding shares, will add directors with operational retail backgrounds to a board he has criticized for lacking merchant discipline.
The settlement arrives four weeks before the June annual meeting and removes the uncertainty of a contested vote. Wilson's December filing targeted what he called "strategic drift" under CEO Calvin McDonald, pointing to seven consecutive quarters of same-store sales deceleration and market share losses in women's athletic apparel. The two incoming directors—names still unannounced—will join a board that has overseen $9.2 billion in trailing revenue but watched gross margin compress 180 basis points year-over-year as promotional activity increased. Lululemon shares have declined 22% since Wilson's initial filing, underperforming the S&P Retail ETF by 14 percentage points over the same period.
The settlement matters because it brings merchant-level accountability to a board that institutional holders privately questioned. Wilson's critique centered on inventory planning, product segmentation, and pricing architecture—operational levers that determine whether a premium brand maintains or surrenders category leadership. His two seats will likely push for tighter SKU discipline and regional pricing adjustments, particularly in North America where comp growth turned negative in Q4. The company has not disclosed whether Wilson himself will take a seat or remain an active shareholder with proxy influence, but the settlement document requires the board to consider his nominees for committee assignments, signaling more than cosmetic representation.
Allocators should watch three developments over the next 90 days. First, the identity and backgrounds of Wilson's two nominees, expected within 10 business days of the settlement filing. Retail operators with DTC or omnichannel experience would signal serious operational intent; brand consultants or financiers would suggest compromise. Second, any changes to the company's inventory turnover targets or regional pricing strategy in the August earnings call, which would indicate whether the new directors are influencing management decisions or simply observing. Third, institutional ownership shifts in Q2 filings due in mid-August, particularly among long-only funds that may have waited for governance clarity before adding exposure.
Lululemon now trades at 18x forward earnings, a four-point discount to its five-year average and below Nike's 21x multiple despite superior ROIC. The settlement removes the headline risk but adds the operational questions Wilson wanted answered all along.
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For the principal
Wilson's board additions create alignment risk if nominees push inventory or pricing changes that pressure near-term margins before expanding revenue.
For the operator
Watch August earnings for inventory turnover guidance shifts and regional pricing adjustments; these signal whether new directors influence operating decisions or observe passively.
For the house
Maintain watch-list status until nominee backgrounds disclosed; consider small long position if operators with DTC expertise named and shares hold $310 support.
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