Tariff impact and mitigation strategies

Lululemon guidance miss with $380M tariff hit; Carter's tariff mitigation via duty recovery; tariff compliance playbook (Section 301, TRQs). New data: Birkenstock raises guidance despite 15% US tariff via vertical integration; Wolverine gross margin dip from tariffs despite mitigation; Pandora tariff refunds boost profit. Ongoing macro risk for fashion margins.