By Thomas Paulson, Head of Market Insights Lululemon’s quarterly results in the Americas segment (Canada and the United States) were flat on a comparable basis; the segment’s revenue increased +2% (ex-unusuals) reflecting the contribution of more locations. Advan estimates that traffic per location increased +4%, but that was offset by a decline in the conversion rate and store-level average-ticket; as such, the reported results align with Advan’s estimates. In Wall Street lingo, LULU is known as a “battleground stock,” with the different sides debating / fighting over whether Lulu is facing competitive encroachment by Vuori and Alo Yoga.