Revenue growth remains in a contractionary phase with a 10.64% year-over-year decline, while the company continues to report negative operating margins of -6.2% as of 2026Q1.
| Sales/Revenue | 275.66M | 282.28M | 315.89M | 355.18M | 439.65M | 375.63M | 248.66M | 369.62M | 297.11M | 232.47M |
| Revenue Growth % | -0.47% | -10.64% | -11.06% | -19.21% | 17.05% | 51.06% | -32.73% | 24.41% | 27.81% | - |
| Cost of Goods Sold | 153.5M | 160.23M | 185.64M | 206.95M | 248.21M | 198.89M | 138.36M | 208.42M | 164.81M | 122.23M |
| COGS % of Revenue | - | 56.76% | 58.77% | 58.27% | 56.46% | 52.95% | 55.64% | 56.39% | 55.47% | 52.58% |
| Gross Profit | 122.16M | 122.05M | 130.25M | 148.23M | 191.45M | 176.73M | 110.29M | 161.2M | 132.3M | 110.23M |
| Gross Margin % | 44.32% | 43.24% | 41.23% | 41.73% | 43.54% | 47.05% | 44.36% | 43.61% | 44.53% | 47.42% |
| Gross Profit Growth % | - | -6.29% | -12.13% | -22.58% | 8.33% | 60.24% | -31.58% | 21.85% | 20.01% | - |
| Operating Expenses | 130.22M | 134.68M | 182.63M | 168.44M | 182.71M | 154.39M | 114.97M | 146.26M | 113.25M | 77.5M |
| OpEx % of Revenue | - | 47.71% | 57.82% | 47.42% | 41.56% | 41.1% | 46.24% | 39.57% | 38.12% | 33.34% |
| Selling, General & Admin | 130.22M | 134.68M | 154.26M | 168.44M | 182.71M | 154.39M | 114.97M | 146.26M | 113.67M | 76.37M |
| SG&A % of Revenue | - | 47.71% | 48.83% | 47.42% | 41.56% | 41.1% | 46.24% | 39.57% | 38.26% | 32.85% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 28.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.06M | -12.63M | -52.39M | -20.21M | 8.74M | 22.34M | -4.67M | 14.94M | 18.63M | 33.87M |
| Operating Margin % | -2.92% | -4.47% | -16.58% | -5.69% | 1.99% | 5.95% | -1.88% | 4.04% | 6.27% | 14.57% |
| Operating Income Growth % | - | 75.9% | -159.15% | -331.32% | -60.88% | 577.82% | -131.29% | -19.78% | -45% | - |
| EBITDA | -3.1M | -7.51M | -46.91M | -15.4M | 16.13M | 25.24M | -1.46M | 17.98M | 21.19M | 35.55M |
| EBITDA Margin % | -1.13% | -2.66% | -14.85% | -4.33% | 3.67% | 6.72% | -0.59% | 4.87% | 7.13% | 15.29% |
| EBITDA Growth % | 96.09% | 83.98% | -204.67% | -195.45% | -36.09% | 1829.81% | -108.11% | -15.14% | -40.39% | - |
| D&A (Non-Cash Add-back) | 4.95M | 5.11M | 5.48M | 4.82M | 7.39M | 2.9M | 3.22M | 3.04M | 2.56M | 1.68M |
| EBIT | -7.07M | -11.06M | -51.68M | -19.28M | 8.88M | 21.03M | -4.54M | 14.94M | 18.63M | 33.87M |
| Net Interest Income | -2.28M | -2.46M | -1.27M | -1.73M | -1.1M | -12.77M | -16.04M | -15.21M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.7M | 9.29M |
| Interest Expense | 2.28M | 2.46M | 1.27M | 1.73M | 1.1M | 12.77M | 16.04M | 15.21M | 0 | 0 |
| Other Income/Expense | -1.29M | -898K | -566K | -795K | -967K | -14.08M | -15.9M | -14.97M | -13.28M | -10.43M |
| Pretax Income | -9.35M | -13.53M | -52.95M | -21.01M | 7.77M | 8.26M | -20.57M | -24K | 5.34M | 23.44M |
| Pretax Margin % | -3.39% | -4.79% | -16.76% | -5.92% | 1.77% | 2.2% | -8.27% | -0.01% | 1.8% | 10.08% |
| Income Tax | 79K | -188K | 2.33M | -1.68M | 4.05M | 6.21M | -1.27M | 445K | 4.22M | 8.53M |
| Effective Tax Rate % | -0.84% | 1.39% | -4.41% | 7.98% | 52.07% | 75.23% | 6.18% | -1854.17% | 78.93% | 36.39% |
| Net Income | -9.43M | -13.34M | -55.29M | -19.33M | 3.73M | 2.04M | -19.3M | -469K | 1M | 14.91M |
| Net Margin % | -3.42% | -4.72% | -17.5% | -5.44% | 0.85% | 0.54% | -7.76% | -0.13% | 0.34% | 6.41% |
| Net Income Growth % | 88.01% | 75.88% | -185.95% | -619.03% | 82.15% | 110.59% | -4015.99% | -146.81% | -93.28% | - |
| Net Income (Continuing) | -9.43M | -13.34M | -55.29M | -19.33M | 3.73M | 2.04M | -19.3M | -469K | 1.13M | 14.91M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.00 | -4.90 | -0.09 | -0.03 | 0.01 | -0.21 | -0.03 | -0.00 | 0.00 | 0.05 |
| EPS Growth % | -1164.38% | -5399.44% | -176.71% | - | 103.05% | -540.24% | - | - | -92.4% | - |
| EPS (Basic) | - | -4.90 | -0.09 | -0.03 | 0.01 | -0.21 | -0.03 | -0.00 | 0.00 | 0.05 |
| Diluted Shares Outstanding | 2.84B | 2.8B | 622.03M | 598.19M | 582.8M | 576.32M | 589.36M | 261.93M | 274.92M | 308.88M |
| Basic Shares Outstanding | 2.84B | 2.8B | 622.03M | 598.19M | 578.76M | 576.32M | 589.36M | 261.93M | 300.6M | 310.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 410.36% |
Liquidity and scale mismatch
As indicated by the most recent quarterly data, LVLU's revenue has declined by 10.64% year-over-year, reflecting a sustained inability to capture market share in the competitive occasion-wear segment while struggling to maintain the top-line momentum necessary to support its current digital-first operating infrastructure.
The consistent negative growth trajectory suggests that the company's test-and-repeat model may be losing its efficacy in driving repeat purchase behavior. Investors should monitor whether this decline is a result of broader consumer discretionary weakness or a specific erosion of the brand's appeal within its core Gen Z and Millennial demographic.
Based on reported financial statements, gross margins have fluctuated significantly, reaching 45.1% in 2026Q1, yet the company remains unable to translate this into positive operating profitability, suggesting that the cost of goods sold and fulfillment expenses remain disproportionately high relative to current sales volumes.
While the gross margin profile appears relatively healthy for a digital-native retailer, the inability to achieve operating leverage indicates that the company's pricing power may be insufficient to offset rising customer acquisition costs. The volatility in quarterly margins warrants further investigation into the company's inventory management and discounting strategies.
According to historical income statement data, LVLU has failed to scale operating income alongside gross profit, with operating margins remaining consistently negative, which implies that fixed overhead and marketing expenditures are not currently aligned with the company's diminished revenue base.
The lack of operating leverage suggests that the company's cost structure is too rigid to accommodate the recent double-digit revenue declines. Without a significant reduction in SG&A or a meaningful recovery in sales, the current operating model appears to be structurally challenged.
As evidenced by the company's recent financial filings, the combination of negative net margins and a minimal cash balance of $2,661,000 creates a precarious liquidity position that may force management to seek dilutive financing if the current cash burn rate persists throughout the fiscal year.
Short-sellers would likely focus on the disconnect between the company's brand positioning and its inability to generate positive cash flow. The reliance on external capital to fund operations in a high-interest rate environment poses a significant risk to equity holders.
Quick answers to the most common questions about buying LVLU stock.
For fiscal year 2025, Lulu's Fashion Lounge Holdings, Inc. (LVLU) reported total revenue of $282.3M. This represents a 21.4% increase compared to $232.5M in 2017.
Lulu's Fashion Lounge Holdings, Inc. (LVLU) reported a net loss of $13.3M for the fiscal year ending 2025.
Lulu's Fashion Lounge Holdings, Inc. (LVLU) reported an operating income of $-12.6M, resulting in an operating profit margin of -4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Lulu's Fashion Lounge Holdings, Inc. (LVLU) generated $122.1M in gross profit for the year, representing a gross profit margin of 43.2%. This demonstrates the company's core pricing power and production efficiency.