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Lululemon Shares Crashed Nearly 20% on a Second Guidance Cut This Year — With Leggings Sales Down 20% and Comparable Sales Falling for the Second Straight Quarter — Even as Michael Burry Called the Stock a Buy Below $100. Here Is What the Retail Warning Means for Your Portfolio.

Lululemon shares fell close to 20% after fiscal second-quarter results showed revenue declining 4% year over year to $2.42 billion, with comparable sales down 9% to 10% and Americas revenue dropping as much as 12%. Leggings sales, historically the brand's core product, fell about 20%, and management pointed to weak store traffic and inconsistent reception to new styles, particularly in women's bottoms, as the central problem. The company cut its full-year revenue guidance for the second time this year, to a range of $10.35 billion to $10.5 billion, and lowered its EPS outlook as well, while competitors Alo Yoga and Vuori continue gaining share in the premium athleisure space Lululemon once dominated. Despite the selloff, prominent investor Michael Burry has reportedly flagged the stock as a buying opportunity below $100 a share.

For your portfolio, a second guidance cut in the same year is a different signal than a single earnings miss: it suggests management still doesn't have a firm handle on when the turnaround takes hold, which is exactly the kind of uncertainty that can keep a stock volatile even after a sharp drop. A well-known value investor calling the shares attractive at current levels is a real data point, but it reflects one view of the company's long-term brand value, not a guarantee the near-term sales and traffic problems are close to being fixed. If you hold Lululemon or are considering it after this drop, the more useful signal to track is whether comparable sales and traffic stabilize over the next one to two quarters, rather than treating today's depressed valuation alone as the reason to buy.

Sources: TIKR, September 2026 · Proactive Investors, September 2026

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