CompetitionEmerging brands like Alo and Vuori are gaining share of wallet, especially among younger consumers, which is closing in on LULU's market position.
Earnings And MarginsExpected earnings growth is low, with margins pressured by operating deleverage and markdowns.
US Market ChallengesUnderlying US trends are worsening and growth seems contingent on a newness strategy that is 6 months away and unproven.