突然，崩盘！关税，重创！

Core Viewpoint - Lululemon has significantly lowered its financial forecasts for fiscal year 2025 due to the impact of U.S. tariffs, leading to a sharp decline in its stock price and multiple investment banks adjusting their target prices downward [1][3][4]. Financial Performance - For the second quarter of fiscal year 2025, Lululemon reported revenue of $2.525 billion, a year-over-year increase of 6.5%, while net profit decreased by 5% to $371 million [4]. - The company now expects annual net revenue to be between $10.85 billion and $11 billion, down from previous estimates of $11.15 billion to $11.3 billion, and below market expectations of $11.2 billion [3][4]. - Earnings per share are projected to be between $12.77 and $12.97, significantly lower than the analyst expectation of $14.40 [3][4]. Impact of Tariffs - The increase in U.S. import tariffs and the cancellation of the "de minimis" exemption are expected to reduce Lululemon's gross profit by approximately $240 million [4]. - The U.S. government announced on July 30 that it would suspend the tax exemption for imports valued at $800 or less, affecting many of Lululemon's online orders shipped from Canada [4]. Market Conditions - Lululemon's comparable store sales in the Americas fell by 4% in the second quarter, attributed to weak demand in the North American market and increased competition from younger brands like Alo Yoga and Vuori [4][5]. - The overall performance of the athletic apparel market is under pressure, with Lululemon no longer seen as a market challenger but rather as a target for competitors [5]. Broader Industry Context - Other major brands, such as Adidas and Nike, are also facing challenges due to U.S. tariffs, with Adidas reporting significant losses and Nike planning layoffs amid declining revenues [5][6].