Lululemon reported its second quarter in early September and the market spent about fifteen minutes deciding what it meant. The stock fell 18% and briefly traded under $100. Sales in the Americas, still more than half the business, dropped 8%. China grew 4% as reported and shrank 2% once currency comes out, which matters because China was supposed to be the cushion. The earnings line beat expectations. It beat on the back of an 86-cent benefit from a tariff refund, and you can’t run that play twice.

Two versions of the same idea, walking side by side. A pastel sports bra, high-waist leggings that hit the ankle, chunky white sneakers, and almost nothing else. One keeps the leggings dark navy so the pale blue bra does all the talking. The other goes full tonal, powder blue leggings under a pink and white bra, which is the harder trick and the better one. Both look put together in a way that a plain black gym set never does, and neither of them is wearing anything complicated.