Net income fell by 11% in the second quarter to $329,223,000 from $370,905,000, and would have tumbled further except for $134.5 million in IEEPA tariff refunds, as revenues declined 4% to $2,415,631,000 from $2,525,219,000, pulled down by worsening conditions in the Americas and negative constant currency sales growth in China. Same-store sales were down 9%, with every geography comping negative. LULU attributed the sharp downturn to negative press and social media commentary that hurt traffic and muted the impact of new product launches.

LULU’s new chief, Heidi O’Neill, starts next week, and ... Log in to view full article.