Buy LULU by Sep 3, 2029.

I wont mince words... Q2 was rough, but this is exactly where having a long term thesis matters. After revisiting my model and adjusting for lower growth and lower OCF margins, I still arrive at the same conclusion that I came to back in June. The long term thesis remains intact (as long as new management is able to execute). Aritzia went through a very similar product freshness problem back in 2023. Once they identified the core issue and executed …