What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-12-11 compared with 2025-09-04 · 92 added, 81 removed, 527 unchanged (25% of the section changed)

55 unchanged sentences

Amounts in thousands, except per share amounts)

Quarter Ended Two Quarters Ended

2025 July 28,

2024 August 3,

2025 July 28,

Quarter Ended Three Quarters Ended

2025 October 27,

2024 November 2,

2025 October 27,

Net revenue $ 2,565,920 $ 2,396,660 $ 7,461,799 $ 6,976,629

21 unchanged sentences

Amounts in thousands)

Quarter Ended August 3, 2025

Quarter Ended November 2, 2025

Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity

Shares Shares Par Value Shares Par Value

Balance as of May 4, 2025 5,116 5,116 $ — 114,909 $ 574 $ 632,564 $ 3,993,154 $ ( 336,722 ) $ 4,289,570

Balance as of August 3, 2025 5,116 5,116 $ — 113,828 $ 570 $ 632,375 $ 4,085,559 $ ( 331,225 ) $ 4,387,279

Net income 306,835 306,835

4 unchanged sentences

Repurchase of common stock, including excise tax ( 1,042 ) ( 6 ) ( 2,520 ) ( 188,382 ) ( 190,908 )

Balance as of August 3, 2025 5,116 5,116 $ — 113,828 $ 570 $ 632,375 $ 4,085,559 $ ( 331,225 ) $ 4,387,279

Quarter Ended July 28, 2024

Balance as of November 2, 2025 5,116 5,116 $ — 112,789 $ 564 $ 646,238 $ 4,204,012 $ ( 348,791 ) $ 4,502,023

Quarter Ended October 27, 2024

Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity

Shares Shares Par Value Shares Par Value

Balance as of April 28, 2024 5,116 5,116 $ — 120,470 $ 602 $ 570,286 $ 3,944,000 $ ( 295,080 ) $ 4,219,808

Balance as of July 28, 2024 5,116 5,116 $ — 118,610 $ 593 $ 589,156 $ 3,751,713 $ ( 309,817 ) $ 4,031,645

Net income 351,870 351,870

4 unchanged sentences

Repurchase of common stock, including excise tax ( 1,576 ) ( 8 ) ( 3,549 ) ( 409,036 ) ( 412,593 )

Balance as of July 28, 2024 5,116 5,116 $ — 118,610 $ 593 $ 589,156 $ 3,751,713 $ ( 309,817 ) $ 4,031,645

Two Quarters Ended August 3, 2025

Balance as of October 27, 2024 5,116 5,116 $ — 117,046 $ 585 $ 610,402 $ 3,694,547 $ ( 319,802 ) $ 3,985,732

Three Quarters Ended November 2, 2025

Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity

7 unchanged sentences

Repurchase of common stock, including excise tax ( 3,533 ) ( 17 ) ( 8,546 ) ( 898,017 ) ( 906,580 )

Balance as of August 3, 2025 5,116 5,116 $ — 113,828 $ 570 $ 632,375 $ 4,085,559 $ ( 331,225 ) $ 4,387,279

Two Quarters Ended July 28, 2024

Balance as of November 2, 2025 5,116 5,116 $ — 112,789 $ 564 $ 646,238 $ 4,204,012 $ ( 348,791 ) $ 4,502,023

Three Quarters Ended October 27, 2024

Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity

7 unchanged sentences

Repurchase of common stock, including excise tax ( 4,209 ) ( 21 ) ( 9,479 ) ( 1,292,028 ) ( 1,301,528 )

Balance as of July 28, 2024 5,116 5,116 $ — 118,610 $ 593 $ 589,156 $ 3,751,713 $ ( 309,817 ) $ 4,031,645

Balance as of October 27, 2024 5,116 5,116 $ — 117,046 $ 585 $ 610,402 $ 3,694,547 $ ( 319,802 ) $ 3,985,732

See accompanying notes to the unaudited interim consolidated financial statements

2 unchanged sentences

Amounts in thousands)

Two Quarters Ended

2025 July 28,

Three Quarters Ended

2025 October 27,

Cash flows from operating activities

21 unchanged sentences

Settlement of net investment hedges 12,282 15,041

Acquisition, net of cash acquired — ( 130,996 )

Other investing activities ( 3,737 ) ( 5,009 )

25 unchanged sentences

Note 12 Legal Proceedings and Other Contingencies

Note 13 Subsequent Events

lululemon athletica inc.

6 unchanged sentences

It conducts its business through a number of different channels in each market, including company-operated stores, e-commerce, outlets, temporary locations, wholesale, license and supply arrangements, and a re-commerce program.

There were 784 and 767 company-operated stores as of August 3, 2025 and February 2, 2025, respectively.

There were 796 and 767 company-operated stores as of November 2, 2025 and February 2, 2025, respectively.

Basis of presentation

The unaudited interim consolidated financial statements, including the financial position as of August 3, 2025 and the results of operations and cash flows for the periods disclosed, are presented in U.S.

The unaudited interim consolidated financial statements, including the financial position as of November 2, 2025 and the results of operations and cash flows for the periods disclosed, are presented in U.S.

dollars and have been prepared by the Company under the rules and regulations of the Securities and Exchange Commission ("SEC").

10 unchanged sentences

Fiscal 2025 and fiscal 2024 are referred to as "2025," and "2024," respectively.

The first two quarters of 2025 and 2024 ended on August 3, 2025 and July 28, 2024, respectively.

The first three quarters of 2025 and 2024 ended on November 2, 2025 and October 27, 2024, respectively.

The Company's business is affected by the pattern of seasonality common to most retail apparel businesses.

10 unchanged sentences

This disclosure requires expanded disclosure within the rate reconciliation as well as disaggregation of annual taxes paid.

This amendment is effective for annual periods beginning after December 15, 2024, and is applied prospectively.

This amendment is effective for annual periods beginning after December 15, 2024.

The Company is currently evaluating the impact that this new guidance may have on its financial statement disclosures.

4 unchanged sentences

The Company is currently evaluating the impact that this new guidance may have on its financial statement disclosures.

In September 2025, the FASB issued ASU 2025‑06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350‑40):

Targeted Improvements to the Accounting for Internal-Use Software.

The amendment replaces the previous project-stage model with a principles-based approach for capitalizing internal-use software costs.

This guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.

The Company is currently evaluating the impact that this new guidance may have on its accounting policies and related disclosures.

Revolving Credit Facilities

Americas revolving credit facility

The Company maintains an unsecured revolving credit facility with total commitments of $ 400.0 million and a maturity date of December 14, 2026.

The facility permits prepayment of borrowings and reductions or terminations of commitments at any time without premium or penalty, subject to customary breakage costs.

As of August 3, 2025, the Company had no borrowings outstanding under this facility other than $ 6.8 million in outstanding letters of credit and guarantee.

Borrowings made under the credit facility bear interest at a rate per annum equal to, at the Company's option, either (a) a rate based on the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York ("SOFR"), or (b) an alternate base rate, plus, in each case, an applicable margin.

The applicable margin is determined by reference to a pricing grid, based on the ratio of indebtedness to earnings before interest, tax, depreciation, amortization, and rent ("EBITDAR") and ranges between 1.000 %- 1.375 % for SOFR loans and 0.000 %- 0.375 % for alternate base rate or Canadian prime rate loans.

Additionally, a commitment fee of between 0.100 %- 0.200 %, also determined by reference to the pricing grid, is payable on the average daily unused amounts under the credit facility.

The applicable interest rates and commitment fees are subject to adjustment based on certain sustainability key performance indicators ("KPIs").

The two KPIs are based on greenhouse gas emissions intensity reduction and gender pay equity, and the Company's performance against certain targets measured on an annual basis could result in positive or negative sustainability rate adjustments of 2.50 basis points to its drawn pricing and positive or negative sustainability fee adjustments of 0.50 basis points to its undrawn pricing.

The credit agreement contains negative covenants that, among other things and subject to certain exceptions, limit the ability of the Company's subsidiaries to incur indebtedness, incur liens, undergo fundamental changes, make dispositions of all or substantially all of their assets, alter their businesses and enter into agreements limiting subsidiary dividends and distributions.

The Company's financial covenants include maintaining an operating lease adjusted leverage ratio of not greater than 3.25 :1.00 and the ratio of consolidated EBITDAR to consolidated interest charges (plus rent) of not less than 2.00 :1.00.

The credit agreement also contains certain customary representations, warranties, affirmative covenants, and events of default (including, among others, an event of default upon the occurrence of a change of control).

If an event of default occurs, the credit agreement may be terminated, and the maturity of any outstanding amounts may be accelerated.

As of August 3, 2025, the Company was in compliance with the covenants of the credit facility.

On October 15, 2025, the Company entered into an amended and restated unsecured revolving credit agreement, which provides for $ 600.0 million in commitments under an unsecured five-year revolving credit facility.

The credit facility has a maturity date of October 15, 2030, subject to two one-year extensions at the request of the Company.

Subject to the conditions stated in the credit agreement, the Company may request increases in aggregate commitments thereunder up to a total of $ 1.0 billion.

The credit facility permits prepayment of borrowings and reductions or terminations of commitments from time to time without premium or penalty, subject to customary breakage costs.

As of November 2, 2025, the Company had no borrowings outstanding under this credit facility other than $ 7.0 million in outstanding letters of credit and guarantee.

Borrowings under the credit facility bear interest at variable rates based on the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York ("SOFR"), or an alternate base rate, plus applicable margin.

The credit agreement contains customary financial, affirmative and negative covenants applicable to the Company and its subsidiaries, including limitations on indebtedness, liens, fundamental changes, dispositions of assets, changes in the nature of business, and restrictions on subsidiary dividends and distributions, as well as financial covenants based on leverage and fixed charge coverage ratios.

The Company was in compliance with all such covenants as of November 2, 2025.

China Mainland revolving credit facility

The Company has an uncommitted and unsecured 300.0 million Chinese Yuan ($ 41.6 million) revolving credit facility with terms that are reviewed on an annual basis.

It is comprised of a revolving loan of up to 200.0 million Chinese Yuan ($ 27.7 million) and a guarantee facility of up to 100.0 million Chinese Yuan ($ 13.9 million), or its equivalent in another currency.

Loans are available for a period not to exceed 12 months, at an interest rate equal to the loan prime rate plus a spread of 0.5175 %.

The Company is required to follow certain covenants.

As of August 3, 2025, the Company was in compliance with the covenants and, there were no borrowings or guarantees outstanding under this facility other than letters of credit of 52.6 million Chinese Yuan ($ 7.3 million).

The Company has an uncommitted and unsecured Chinese Yuan-denominated revolving credit facility totaling the equivalent of USD $ 42.2 million, which is reviewed annually and provides for short-term borrowing and the issuance of guarantees.

As of November 2, 2025, there were no borrowings or guarantees outstanding, letters of credit totaling USD $ 7.8 million were issued, and the Company was in compliance with all applicable terms of the credit facility.

Supply Chain Financing Program

3 unchanged sentences

The Company’s obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by a supplier's participation in the arrangement and the Company provides no guarantees to any third parties under the SCF program.

As of August 3, 2025 and February 2, 2025, $ 46.3 million and $ 36.3 million, respectively, were outstanding under the SCF program and presented within accounts payable.

As of November 2, 2025 and February 2, 2025, $ 46.9 million and $ 36.3 million, respectively, were outstanding under the SCF program and presented within accounts payable.

Stock-Based Compensation and Benefit Plans

1 unchanged sentence

The Company's eligible employees participate in various stock-based compensation plans, provided directly by the Company.

Stock-based compensation expense charged to income for the plans was $ 21.1 million and $ 46.7 million for the first two quarters of 2025 and 2024, respectively.

Total unrecognized compensation cost for all stock-based compensation plans was $ 144.2 million as of August 3, 2025, which is expected to be recognized over a weighted-average period of 2.4 years.

A summary of the balances of the Company's stock-based compensation plans as of August 3, 2025, and changes during the first two quarters of 2025, is presented below:

Stock-based compensation expense charged to income for the plans was $ 37.4 million and $ 70.5 million for the first three quarters of 2025 and 2024, respectively.

Total unrecognized compensation cost for all stock-based compensation plans was $ 113.9 million as of November 2, 2025, which is expected to be recognized over a weighted-average period of 2.2 years.

A summary of the balances of the Company's stock-based compensation plans as of November 2, 2025, and changes during the first three quarters of 2025, is presented below:

Stock Options Performance-Based Restricted Stock Units Restricted Shares Restricted Stock Units

5 unchanged sentences

Forfeited/expired 69 337.83 12 329.43 — — 30 328.71

Balance as of August 3, 2025 1,061 $ 311.49 230 $ 329.71 6 $ 252.28 302 $ 320.42

Exercisable as of August 3, 2025 503 $ 294.65

Balance as of November 2, 2025 1,054 $ 308.47 233 $ 324.76 6 $ 252.28 316 $ 307.12

Exercisable as of November 2, 2025 496 $ 294.21

The Company's performance-based restricted stock units ("PSUs") are awarded to eligible employees and entitle the grantee to receive a maximum of two shares of common stock per PSU if the Company achieves specified performance goals and the grantee remains employed during the vesting period.

The fair value of PSU is based on the closing price of the Company's common stock on the grant date.

Expense for PSU is recognized when it is probable that the performance goal will be achieved.

The fair value of PSUs is based on the closing price of the Company's common stock on the grant date.

Expense for PSUs is recognized when it is probable that the performance goal will be achieved.

The grant date fair value of the restricted shares and restricted stock units is based on the closing price of the Company's common stock on the grant date.

6 unchanged sentences

Treasury yield curve for the period corresponding with the expected term of the options.

The following are weighted averages of the assumptions that were used in calculating the fair value of stock options granted during the first two quarters of 2025:

First Two Quarters

The following are weighted averages of the assumptions that were used in calculating the fair value of stock options granted during the first three quarters of 2025:

First Three Quarters

Expected term 4.00 years

5 unchanged sentences

Contributions are made by eligible employees, subject to certain limits defined in the ESPP, and the Company matches one-third of the contribution.

The maximum number of shares authorized to be purchased under the ESPP is 6.0 million shares.

The maximum number of shares

authorized to be purchased under the ESPP is 6.0 million shares.

All shares purchased under the ESPP are purchased in the open market.

During the second quarter of 2025, there were 42.3 thousand shares purchased.

As of August 3, 2025, 4.2 million shares remain authorized to be purchased under the ESPP.

During the third quarter of 2025, there were 58.7 thousand shares purchased.

As of November 2, 2025, 4.1 million shares remain authorized to be purchased under the ESPP.

Defined contribution pension plans

2 unchanged sentences

The Company matches 50 % to 75 % of the contribution depending on the participant's length of service, and the contribution is subject to a two-year vesting period.

The Company's net expense for the defined contribution plans was $ 12.2 million and $ 11.1 million in the first two quarters of 2025 and 2024, respectively.

The Company's net expense for the defined contribution plans was $ 17.8 million and $ 16.4 million in the first three quarters of 2025 and 2024, respectively.

Fair Value Measurement

6 unchanged sentences

The fair value measurement is categorized in its entirety by reference to its lowest level of significant input.

As of August 3, 2025 and February 2, 2025, the Company held certain assets and liabilities that are required to be measured at fair value on a recurring basis:

As of November 2, 2025 and February 2, 2025, the Company held certain assets and liabilities that are required to be measured at fair value on a recurring basis:

2025 Level 1 Level 2 Level 3 Balance Sheet Classification

15 unchanged sentences

The fair values consider the credit risk of the Company and its counterparties.

The Company's Master International Swap Dealers Association, Inc., Agreements and other similar arrangements allow net settlements under certain conditions.

The Company's Master International Swap Dealers Association, Inc., Agreements

and other similar arrangements allow net settlements under certain conditions.

However, the Company records all derivatives on its consolidated balance sheets at fair value and does not offset derivative assets and liabilities.

11 unchanged sentences

The Company assesses hedge effectiveness based on changes in forward rates.

The Company recorded no ineffectiveness from net investment hedges during the first two quarters of 2025.

The Company recorded no ineffectiveness from net investment hedges during the first three quarters of 2025.

The Company classifies the cash flows at settlement of its net investment hedges within investing activities in the consolidated statements of cash flows.

4 unchanged sentences

The resulting foreign currency gains and losses are recorded in selling, general and administrative expenses.

During the first two quarters of 2025, the Company entered into certain forward currency contracts designed to economically hedge the foreign currency exchange revaluation gains and losses that are recognized by its Canadian and Chinese subsidiaries on specific monetary assets and liabilities denominated in currencies other than the functional currency of the entity.

During the first three quarters of 2025, the Company entered into certain forward currency contracts designed to economically hedge the foreign currency exchange revaluation gains and losses that are recognized by its Canadian and Chinese subsidiaries on specific monetary assets and liabilities denominated in currencies other than the functional currency of the entity.

The Company has not applied hedge accounting to these instruments and the change in fair value of these derivatives is recorded within selling, general and administrative expenses.

3 unchanged sentences

However, the Company's Master International Swap Dealers Association, Inc., Agreements and other similar arrangements allow net settlements under certain conditions.

As of August 3, 2025, there were derivative assets of $ 0.7 million and derivative liabilities of $ 4.9 million subject to enforceable netting arrangements.

As of November 2, 2025, there were derivative assets of $ 21.8 million and derivative liabilities of $ 21.5 million subject to enforceable netting arrangements.

The notional amounts and fair values of forward currency contracts were as follows:

August 3, 2025 February 2, 2025

November 2, 2025 February 2, 2025

Gross Notional Assets Liabilities Gross Notional Assets Liabilities

6 unchanged sentences

Forward currency contracts $ 21,800 $ 21,527 $ 76,848 $ 74,638

The forward currency contracts designated as net investment hedges outstanding as of August 3, 2025 mature on different dates between August 2025 and December 2025.

The forward currency contracts not designated in a hedging relationship outstanding as of August 3, 2025 mature on different dates between August 2025 and December 2025.

The forward currency contracts designated as net investment hedges outstanding as of November 2, 2025 mature on different dates between November 2025 and March 2026.

The forward currency contracts not designated in a hedging relationship outstanding as of November 2, 2025 mature on different dates between November 2025 and March 2026.

The pre-tax gains and losses on foreign currency exchange forward contracts recorded in accumulated other comprehensive income or loss were as follows:

Second Quarter First Two Quarters

Third Quarter First Three Quarters

2025 2024 2025 2024

4 unchanged sentences

The pre-tax net foreign currency exchange and derivative gains and losses recorded in the consolidated statement of operations were as follows:

Second Quarter First Two Quarters

Third Quarter First Three Quarters

2025 2024 2025 2024

11 unchanged sentences

The details of the computation of basic and diluted earnings per share are as follows:

Second Quarter First Two Quarters

Third Quarter First Three Quarters

2025 2024 2025 2024

9 unchanged sentences

All classes of stock have, in effect, the same economic rights and share equally in undistributed net income.

For the first two quarters of 2025 and 2024, 0.1 million and 0.1 million stock options and awards, respectively, were anti-dilutive to earnings per share and therefore have been excluded from the computation of diluted earnings per share.

For the first three quarters of 2025 and 2024, 0.1 million and 0.1 million stock options and awards, respectively, were anti-dilutive to earnings per share and therefore have been excluded from the computation of diluted earnings per share.

On March 23, 2022, the Company's board of directors approved a stock repurchase program authorizing up to $ 1.0 billion of common shares, which was fully utilized during the first quarter of 2024.

2 unchanged sentences

Repurchases may be made on the open market at prevailing prices or through privately negotiated transactions, including under plans pursuant to Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934.

The timing and amount of

repurchases will depend on market conditions, trading eligibility, and other factors.

As of August 3, 2025, the remaining authorized amount available under the program, excluding commissions and excise taxes was $ 0.9 billion.

During the first two quarters of 2025 and 2024, 2.5 million and 2.6 million shares, respectively, were repurchased at a total cost including commissions and excise taxes of $ 715.7 million and $ 888.9 million, respectively.

Subsequent to August 3, 2025, and up to August 29, 2025, 0.4 million shares were repurchased at a total cost including commissions and excise taxes of $ 70.5 million.

The timing and amount of repurchases will depend on market conditions, trading eligibility, and other factors.

As of November 2, 2025, the remaining authorized amount available under the program, excluding commissions and excise taxes, was $ 0.7 billion.

During the first three quarters of 2025 and 2024, 3.5 million and 4.2 million shares, respectively, were repurchased at a total cost including commissions and excise taxes of $ 906.6 million and $ 1.3 billion, respectively.

Subsequent to November 2, 2025, and up to December 5, 2025, 0.6 million shares were repurchased at a total cost including commissions and excise taxes of $ 103.9 million.

Supplementary Financial Information

5 unchanged sentences

$ 1,997,844 $ 1,442,081

2025 February 2,

(In thousands)

Prepaid expenses and other current assets:

20 unchanged sentences

$ 274,563 $ 237,841

2025 February 2,

(In thousands)

Accrued liabilities and other:

16 unchanged sentences

The Company does not report capital expenditures and assets by segment as that information is not reviewed by the CODM.

Second Quarter 2025

Third Quarter 2025

China Mainland

16 unchanged sentences

$ 58,035 $ 9,573 $ 9,418 $ 77,026 $ 50,433 $ 127,459

Second Quarter 2024

Third Quarter 2024

China Mainland

9 unchanged sentences

Selling, general and administrative expenses 437,982 86,019 101,192 625,193 284,634 909,827

Amortization of intangible assets — — — — 1,118 1,118

Income from operations $ 654,939 $ 110,600 $ 68,762 $ 834,301 $ ( 343,640 ) $ 490,661

4 unchanged sentences

$ 51,726 $ 8,136 $ 8,151 $ 68,013 $ 45,586 $ 113,599

First Two Quarters 2025

First Three Quarters 2025

China Mainland

16 unchanged sentences

$ 163,975 $ 27,020 $ 26,704 $ 217,699 $ 144,004 $ 361,703

First Two Quarters 2024

First Three Quarters 2024

China Mainland

9 unchanged sentences

Selling, general and administrative expenses 1,293,587 231,317 288,241 1,813,145 811,067 2,624,212

Amortization of intangible assets — — — — 1,118 1,118

Income from operations $ 1,889,206 $ 349,463 $ 209,443 $ 2,448,112 $ ( 984,583 ) $ 1,463,529

15 unchanged sentences

were disclosed as net revenue recognized within Canada.

Second Quarter First Two Quarters

Third Quarter First Three Quarters

2025 2024 2025 2024

12 unchanged sentences

Accessories and other categories is primarily composed of accessories, footwear, and lululemon Studio.

Second Quarter First Two Quarters

Third Quarter First Three Quarters

2025 2024 2025 2024

5 unchanged sentences

The following table disaggregates the Company's net revenue by channel.

Second Quarter First Two Quarters

Third Quarter First Three Quarters

2025 2024 2025 2024

5 unchanged sentences

Legal Proceedings and Other Contingencies

In addition to the legal proceedings described below, the Company is, from time to time, involved in routine legal matters, and audits and inspections by governmental agencies and other third parties which are incidental to the conduct of

its business.

This includes legal matters such as initiation and defense of proceedings to protect intellectual property rights, employment claims, product liability claims, personal injury claims, and similar matters.

The Company believes the ultimate resolution of any such legal proceedings, audits, and inspections will not have a material adverse effect on its consolidated balance sheets, results of operations or cash flows.

The Company believes the ultimate resolution of any such legal proceedings, audits, and inspections is not reasonably likely to have a material adverse effect on its consolidated balance sheets, results of operations or cash flows;

however litigation and regulatory matters are inherently uncertain, and it is possible that an adverse outcome in one or more matters could have a material impact in a particular reporting period.

The Company has recognized immaterial provisions related to the expected outcome of legal proceedings.

30 unchanged sentences

1:24-cv-08507.

The Derivative Actions are stayed pending a ruling on the motion to dismiss the securities class action.

Subsequent Events

Subsequent to November 2, 2025, on December 11, 2025, the board of directors of lululemon and Calvin McDonald mutually agreed that Mr.

McDonald will step down from his position as Chief Executive Officer, effective January 31, 2026.

To support an orderly transition of his responsibilities, Mr.

McDonald will continue with lululemon in a senior advisor capacity through March 31, 2026.

McDonald is also stepping down as a member of lululemon's board of directors, effective January 31, 2026.

In connection with these changes, the board of directors appointed Marti Morfitt, currently serving as chair of the board of directors, to serve as executive chair, effective immediately.

The board of directors also appointed Meghan Frank, lululemon's chief financial officer, and Andre Maestrini, lululemon's president and chief commercial officer, to serve as interim co-Chief Executive Officers, effective January 31, 2026, while lululemon conducts a search for a permanent CEO.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements