业绩低于预期，lululemon股价暴跌了！

Core Insights - Lululemon reported a 7% year-over-year increase in global net revenue for Q2 FY2025, reaching $2.5 billion, with international business net revenue growing by 22% [1] - The company's gross profit increased by 5% to $1.5 billion, but gross margin declined by 110 basis points to 58.5% [1] - Diluted earnings per share were $3.10, down from $3.15 in the same period last year, and the results fell short of market expectations, leading to a stock price drop of over 15% in after-hours trading [1] Performance Analysis - The primary reason for the underperformance was the continued pressure on Lululemon's core business in North America, with comparable store sales in the Americas declining by 4% [2] - CEO Calvin McDonald acknowledged that the performance in the U.S. market and certain product lines did not meet expectations [2] - The Chinese market emerged as a strong performer, with net revenue growth of 25% year-over-year, and five new stores opened in the region during the quarter [2] Future Outlook - The company plans to open approximately 15 new stores in the Americas, with nearly half located in Mexico, while focusing on expanding its presence in China [2] - Lululemon is adjusting its expectations due to industry challenges, including tariff increases, and has revised its full-year revenue forecast to between $10.85 billion and $11 billion, down from a previous estimate of $11.15 billion to $11.3 billion, and below market consensus of $11.2 billion [2]