For Lululemon, tariffs remain the major overhang. Earlier this year, trade concerns rattled its supply chain outlook, and investors will be keen to hear whether management has a clearer handle on costs. The stock is known for its volatility, but its strength lies in its fiercely loyal global customer base and brand positioning at the premium end of the activewear market. That resilience has often kept Lululemon a step ahead of competitors, even in tougher operating conditions.