Lululemon reported after the 3 September close diluted earnings per share of $2.92, 63% above the $1.79 analyst consensus. The stock then fell about 18% in after-hours trading to around $100. There is no contradiction, only a footnote: $0.86 of those earnings came from a customs-duty refund invalidated by the US Supreme Court, a non-recurring amount unrelated to what the company sells. This report reads the release step by step, strips out the cheque, then sets what remains against guidance cut for the fourth time in 15 months and against what the EL7 factor model saw a month before the announcement.
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