Lululemon shares closed down 17.4% at $100.61 on Monday, about 80% below their December 2023 peak, after second-quarter revenue fell 4% to $2.42 billion and management cut its 2026 revenue outlook for the third time this year. Net profit declined 11% to $370.9 million, comparable-store sales fell 9%, and legging sales dropped 20%, while a $134.5 million tariff refund boosted reported earnings of $2.92 per share. The revised full-year revenue range of $10.35 billion to $10.50 billion compares with the $11.35 billion forecast issued in March, and third-quarter revenue is expected to decline 10% to 11%. Sales in the Americas, which generate two-thirds of revenue, fell 8%; international revenue rose 4%, but overseas comparable-store sales declined 3%. Incoming Chief Executive Officer Heidi O'Neill takes office on the 9th after nearly three decades at Nike. Analysts cited product concerns, weaker consumer demand, intensifying competition and management uncertainty, while founder Chip Wilson's divorce proceedings could affect his 9.9 million-share, 8.7% voting stake.