Key Takeaways lululemon athletica inc. (LULU) is navigating a complex retail environment, marked by macroeconomic caution in the United States, rising tariffs and persistent foreign exchange (FX) headwinds. In first-quarter fiscal 2025, FX had a 20-basis-point (bps) negative impact on the gross margin and contributed to SG&A deleverage through a revaluation loss. These currency pressures are expected to persist, with gross margin expected to decline 200 bps in the second quarter and 110 bps for fiscal 2025, ...