(https://www.cnbc.com/2026/09/03/lululemon-lulu-q2-2026-earnings.html) on weak earnings and outlook, and the market's treating it like a brand-specific problem. It's not. LULU, NKE, and the entire discretionary sector spent the last 18 months pricing through inflation — sticking $10 price hikes on hoodies and calling it "premiumization." That worked when wealthy consumers had excess savings and the middle class was still spending.

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