四年来首次一季度净利下滑，Lululemon也要涨价了？

Core Viewpoint - Lululemon reported a 7% year-over-year increase in global net revenue for Q1 FY2025, reaching $2.4 billion, but lowered its full-year guidance due to new U.S. tariff policies and declining sales in the Americas, resulting in a nearly 20% drop in after-hours stock price following the earnings release [1][6][8]. Revenue Growth and Market Performance - The international market, particularly mainland China, emerged as a key growth driver, with international business revenue increasing by 19% year-over-year, and mainland China revenue growing by 21%, or 22% in constant dollars [4][6]. - Lululemon opened 27 new self-operated stores in mainland China since Q1 FY2024, contributing to a net income increase of $38.3 million [4]. - As of the end of the quarter, Lululemon had 154 self-operated stores in mainland China, accounting for 20% of its global self-operated store count [4][5]. Challenges in the Americas - The Americas, which contribute approximately 70% of Lululemon's revenue, saw only a 3% year-over-year revenue increase in Q1 FY2025, with comparable sales declining by 2% [5][6]. - The company attributed the decline in store traffic in the U.S. to economic uncertainties, including high inflation and decreased consumer confidence [6][8]. Profitability and Cost Pressures - Despite revenue growth, Lululemon's net profit fell by 2.13% year-over-year to $315 million, marking the first decline in Q1 net profit since 2021 [6][8]. - The company faces ongoing macroeconomic challenges, including weak consumer demand, trade policy changes, inflationary pressures, and foreign exchange fluctuations, which are expected to persist throughout FY2025 [8][9]. Tariff Impact and Pricing Strategy - U.S. tariff policies have increased costs, with Lululemon's CFO indicating that the current performance expectations account for a 30% additional tariff on goods from China and a 10% tariff on imports from other countries [9]. - The company plans to implement a "strategic price increase by product line" to mitigate tariff cost pressures, while also optimizing procurement and negotiating with suppliers [9][10]. Competitive Landscape and Consumer Behavior - Lululemon faces intensified competition from domestic brands and a shift in consumer spending patterns, with a notable decline in discretionary spending on non-essential goods [12][18]. - The company is adjusting its strategy by accelerating innovation in men's apparel and expanding into lower-tier markets to alleviate inventory pressures [18]. Conclusion - Lululemon's recent performance highlights the challenges of maintaining growth amid rising costs and competitive pressures, raising questions about its ability to balance pricing strategies without damaging brand loyalty [11][18].