lululemon(US:LULU) Guan Cha Zhe Wang·2025-12-12 06:17Core Insights - lululemon reported a 7% year-over-year increase in global net revenue for Q3 FY2025, reaching $2.6 billion, with international business net revenue growing by 33% [1][3] - The CEO, Calvin McDonald, emphasized the focus on enhancing performance in the U.S. market while maintaining strong growth in international markets, particularly in China [1] - The company expects net revenue growth in mainland China to reach or exceed the previously guided range of 20% to 25% for the full year [1] Financial Performance - Q3 FY2025 international market net revenue increased by 33%, while net revenue in mainland China grew by 46% [3] - On a fixed dollar basis, international market net revenue rose by 33%, and mainland China net revenue increased by 47% [3] - For Q4 FY2025, lululemon anticipates net revenue between $3.5 billion and $3.585 billion, reflecting a decline of approximately 3% to 1%, or a growth of 2% to 4% when excluding the 53rd week of FY2024 [7] Future Outlook - The company plans to open approximately 46 new stores and optimize around 36 existing stores in FY2025, with a focus on the Americas and significant expansion in China [5] - The board has approved an increase in the stock buyback program, indicating confidence in the brand's future growth opportunities [3] Product Performance - The outerwear category performed particularly well in mainland China, with positive feedback on popular lines such as the Wunder Puff™ and the newly launched Featherweight down series [1] - The company continues to expand its market share and demonstrates strong execution across various city tiers in China [1]