(https://www.cnbc.com/2026/09/03/lululemon-lulu-q2-2026-earnings.html)—and the deterioration is broader than any single brand story. Look at the data. NKE revenue sits at annually with a net margin, but the earnings trajectory tells the real story: EPS has cratered from → $1.38 → $1.03 → $0.49 over four quarters. That's a -76% collapse in per-share profitability.

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