Lululemon(LULU.O): 独创社群营销,拓展多品类发展 西南证券研究发展中心 社服研究团队 2024年7月 核 心 观 点 基本面:公司稳坐瑜伽健身行业龙头,运动服装行业的黑马。1)业绩亮眼,营收增速快于竞争者。公司在 女性瑜伽细分赛道上深耕,通过锁定中高端年轻消费群体,推动带有社交属性的社群营销方式,让公司在 2017-23年的营收复合增速达24%,远超出Nike的6.8%和Adidas的2.1%,并超越Under Armour成为全 球第4大运动品牌。2)深耕自营模式,线下线上齐发力。受益于客单价和流量的双提升,2023公司线下/ 线上营收同比增长20.8%/17%,占比分别为46%/45%,呈现齐头并进态势。3)在兼顾北美市场同时,快 速布局中国市场。公司在中国市场的一二线城市大力开设线下直营店,在三四线城市主攻线上DTC模式; 从2020-23年,中国市场的营收复合增速高达55.6%,将成为下个主力市场。4)综合来看,2023公司盈 利能力提升、费用率维持稳定。受运输成本下降的影响,毛利率+2.9pp至58.3%;由于用人成本增加及市 场投入加大,SG&A费用率同比+1.3pp至35.3% ...

Lululemon(LULU.O): 独创社群营销,拓展多品类发展 西南证券研究发展中心 社服研究团队 2024年7月 核 心 观 点 基本面:公司稳坐瑜伽健身行业龙头,运动服装行业的黑马。1)业绩亮眼,营收增速快于竞争者。公司在 女性瑜伽细分赛道上深耕,通过锁定中高端年轻消费群体,推动带有社交属性的社群营销方式,让公司在 2017-23年的营收复合增速达24%,远超出Nike的6.8%和Adidas的2.1%,并超越Under Armour成为全 球第4大运动品牌。2)深耕自营模式,线下线上齐发力。受益于客单价和流量的双提升,2023公司线下/ 线上营收同比增长20.8%/17%,占比分别为46%/45%,呈现齐头并进态势。3)在兼顾北美市场同时,快 速布局中国市场。公司在中国市场的一二线城市大力开设线下直营店,在三四线城市主攻线上DTC模式; 从2020-23年,中国市场的营收复合增速高达55.6%,将成为下个主力市场。4)综合来看,2023公司盈 利能力提升、费用率维持稳定。受运输成本下降的影响,毛利率+2.9pp至58.3%;由于用人成本增加及市 场投入加大,SG&A费用率同比+1.3pp至35.3% ...

今年以来，lululemon 股价已跌去四成。 文丨朱丽琨 制图丨黄帧昕 编辑丨钱杨 黄俊杰 6 月 27 日早晨，三里屯的路人好奇地驻足注视着上百位瑜伽爱好者的一举一动。他们坐在各自的瑜伽垫上，聆听着一位身姿轻盈的 "大 使"（Ambassador）给出的口令和序列，延伸他们的肢体，控制他们的呼吸。他们面朝 lululemon 最新的三里屯门店，简洁的白色流线型格栅右上方 悬挂着这个品牌鲜亮的 logo 标识。之前多年，这个三层独栋的位置属于快时尚巨头 H&M。 在此之前，lululemon 在三里屯太古里北区下沉广场靠近电梯的位置待了 7 年半，如今它挪到了三里屯太古里南区沿街路口，与阿迪达斯的独栋相 邻。 lululemon 起步靠的是一款黑色的女士瑜伽裤。创始人奇普·威尔逊（Chip Wilson）第一本书的名字就叫《Little Black Stretchy Pants》（小黑弹力 裤）。如今，这个品牌已经不再那么强调瑜伽、不再那么强调女性。中国区的新任品牌大使是 F1 车手和电影里扮演拳击手、瘦了 100 斤的明星。 lululemon 现在也卖拖鞋、头绳、跑鞋和男士休闲衬衫——它看着更像一个综合 ...

It will be tough for the stock market to keep up the pace after such an explosive first half. Undoubtedly, stocks could easily continue to rise if demand for artificial intelligence accelerates further. In any case, it’s far smarter to lower expectations by a notch, especially with valuations getting a tad ahead of their skis. While not all stocks are pricier than when the year began, I think certain names stand out as more ripe for profit-taking than others. In this piece, we’ll have a glimpse of three ove ...

FinkAvenue Investment Thesis: Lululemon Athletica Inc. (NASDAQ:LULU) is a designer, distributor, and retailer of athletic apparel across the globe, with their most well-known product being the classic Lululemon yoga pants. Lululemon has long been renowned as a growth stock trading at high multiples, yet the price has fallen close to 40% YTD as a result of stagnant growth in North America which has raised concerns about Lululemon's growth prospects and led to multiple contraction. Lululemon stock price YTD ( ...

Markets that go through cycles are good since they create opportunities for patient investors who watch for the best deals in the stock market. Today, a shift in the U.S. economy is causing some stocks to come into and out of favor, a most welcomed sign of the rinsing effect that brings on compounding opportunities.After the U.S. consumer sentiment index had its lowest reading in over 7 months, some companies in the consumer discretionary sector have fallen to unjustifiably low valuations. This is where the ...

Lululemon's stock price may have plunged in 2024, but the athleisure company still has what it takes to do well over the long term.One path to success in investing is to purchase shares of solid, well-run businesses and hold them over the long term. Growth stocks offer the prospect of long-term capital appreciation that can help you achieve your big-picture financial goals. Characteristics investors should look for in a company include sustainable tailwinds for the business, a stellar management team with s ...

Investors are souring on this premium clothing business.Lululemon (LULU -0.48%) has been a fantastic investment. In the past decade, shares have skyrocketed 599%. This gain crushes the broader Nasdaq Composite Index.However, this apparel stock is trading 39% below its December 2023 peak. Investors appear to be worried about slowing growth in the current macro environment.Lululemon stock now looks like a smart buy on the dip. Before adding the company to your portfolio, though, learn about this one warning.C ...

Is a slowing growth rate enough to justify this kind of sell-off?Lululemon (LULU -0.48%) stock has dropped like a rock recently on concern the company's growth is slowing. While it's true the growth rate is down, this is still a growth stock. In this video, Travis Hoium discusses whether the pullback makes the stock a buy or not.*Stock prices used were end-of-day prices of June 10, 2024. The video was published on June 11, 2024. ...

This booming apparel business should be on every investor's radar.This might sound obvious, but the primary goal of putting money to work in the stock market is to turn a sum of money into a much larger pool of capital. While the S&P 500 has done a great job at this historically, some individual stocks have fared better.Look at Lululemon Athletica (LULU -0.48%). In the past decade, shares have soared about 600%, turning $10,000 into $70,000 today. This is even with the apparel stock currently trading 39% be ...