Lululemon's September 3 earnings call for Q2 fiscal 2026 comes amid sharply lowered full-year guidance issued after weak North American comparable sales, with U.S. revenue trends prompting more clearance activity and operating margin compression. Traders are watching for updates on the company's product refresh cadence, share repurchase activity, and cost controls that some analysts expect could support a modest EPS beat versus consensus around $1.79. International momentum, particularly mid-teens growth in Mainland China, contrasts with domestic softness and rising competition from brands like Alo and Vuori in the premium athleisure space. The call also marks the first update since interim leadership outlined turnaround priorities ahead of incoming CEO Heidi O'Neill's September start, with any revised fiscal outlook or commentary on tariffs and inventory likely to drive immediate positioning.