“中产神裤”卖不动了 Lululemon股价创新低

Core Viewpoint - Lululemon's high-growth and high-premium brand story is losing favor, as evidenced by its recent financial report and subsequent stock price decline, reaching a six-year low of $159.25 per share, with a year-to-date drop of approximately 60% [1][2] Financial Performance - For the second quarter of fiscal year 2025, Lululemon reported a global net revenue increase of 7% year-over-year to $2.5 billion, with international business net revenue growing by 22% [2] - Gross profit rose by 5% to $1.5 billion, but gross margin decreased by 110 basis points to 58.5% [2] - Diluted earnings per share were $3.10, slightly down from $3.15 in the same period last year [2] - The company lowered 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 expectations of $11.2 billion [2] Market Challenges - Lululemon faces significant pressure from a struggling North American market, where comparable store sales fell by 4% and store traffic dropped by 8.5% year-over-year [2][4] - The impact of tariff changes has increased costs for e-commerce orders, with 87% of Lululemon's production concentrated in Southeast Asia, particularly Vietnam [2] - The company anticipates a $240 million reduction in annual profits due to tariffs [2] International Market Performance - Despite challenges in North America, Lululemon's international market, particularly mainland China, showed strong performance with a 25% year-over-year revenue increase and a 17% rise in comparable store sales [3] - However, growth in the Chinese market is slowing compared to previous quarters, where revenue growth was 39% [3] Product and Brand Issues - Lululemon is experiencing a loss of consumer interest due to a lack of new product innovation, with only 23% of its offerings being new products [5] - The company is criticized for its high pricing strategy, with its classic Align yoga pants priced at 850 RMB, while competitors like MAIA ACTIVE offer similar products at 399 RMB [5] - The CEO acknowledged that the company has become predictable and overly reliant on core products, missing opportunities to create new trends [5] Competitive Landscape - The athletic leisurewear market is highly competitive, with Lululemon facing pressure from established brands like Nike and Adidas, as well as emerging brands like AloYoga and Vuori [6] - The company has struggled to establish a competitive presence in new categories despite its 2019 "Power of Three" growth plan aimed at expanding into various sports and lifestyle segments [6]