Athleisure brand Lululemon has been a mainstay of its segment for years now, with Quartz pointing out that its customers — typically more affluent and willing to spend about $125 on a basic dress — are showing more resilience in the face of macroeconomic uncertainty than many other U.S. consumers.

Its most recent fiscal report card — its Q1 2025 earnings report, delivered late June 5 — reinforces the idea that Lululemon is on relatively solid footing.

Total net revenue increased by 7%, or 8% on a constant dollar basis, reaching $2.4 billion in the first quarter of 2025 versus $2.2 billion in the year-prior period. However, its Americas numbers seemed a bit more troubling: Net revenue in that market…