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Core Insights - Lululemon Athletica Inc. has been re-rated on Wall Street due to a slow turnaround in the U.S. market, concerns over China, and a significant impact from the de minimis switch, resulting in the stock no longer being at its previous industry-leading high [1] Company Performance - Shares of Lululemon hit a five-year low, closing at $168.10, with a market capitalization of $19.9 billion, positioning it between Tapestry Inc. ($21.8 billion) and Ralph Lauren Inc. ($18.7 billion) [2] - Ten years ago, Lululemon, Tapestry, and Ralph Lauren were each valued at less than $10 billion, but Lululemon's market cap surged to over $64 billion in late 2023 under CEO Calvin McDonald [3] Earnings and Growth - Lululemon's previous strong earnings and growth allowed it to maintain investor confidence despite setbacks, such as the failed Mirror acquisition and merchandising adjustments in the U.S. [4] Sales and Analyst Downgrades - U.S. comparable sales fell by 3% in constant dollars in the second quarter, remaining flat or declining for the last six quarters, prompting analysts to seek proof of recovery [5] - Analyst Sharon Zackfia downgraded Lululemon to Market Perform, citing uncertainty regarding U.S. sales recovery, unexpected tariff impacts, and macroeconomic concerns in China [5] Profit Outlook and Tariffs - The company anticipates a $240 million hit to its profit outlook this year due to trade war tariffs and the removal of the de minimis exemption [5] - The de minimis change, which now applies tariffs to shipments valued under $800, has surprised the market, affecting both high-end brands and companies like Shein and Temu [6]