Lululemon Athletica Inc (NASDAQ:LULU)'s first quarter results are unlikely to mark a turning point for the athletic apparel retailer, with Jefferies analysts warning that continued weakness in traffic, conversion and brand engagement is expected to weigh on performance, while a meaningful turnaround may not materialize until 2027. The brokerage expects Q1 revenue to rise 0.8% year over year to approximately $2.3 billion, with comparable sales declining 1% as softer demand in North America offsets continued international growth.