I am not a large fan of Lululemon. As you can tell by looking at my portfolio, I am more bullish on Aritzia for US expansion tailwinds. I believe the management team at Aritzia is also better, much more in tune to the current environment and product fit.
The difficulty with Lululemon is over the last 15-18 months they've mentioned how they're having difficulties getting their products to appeal to consumers. The product assortment just wasn't working. So, they got rid of the person in charge of that, replaced them, and now they're still mentioning the product assortment is not working and is struggling to appeal to consumers.
I think it's as easy "out" for them to blame the macro environment and tariffs, but look to a company like Aritzia, which is posting same store sales in excess of 19%~ while Lululemon sits at around 1%.
On the event of a turnaround in the business, the stock is cheap here. But as with a lot of retail turnaround plays, lets think Nike and Starbucks, and Lululemon, they haven't really done anything yet to turn the business around.
A heavy contrarian buy that might provide some strong upside if operations turn around, but it is largely a speculative investment based on that, because at this point in time, there is very little growth in the company.