财报不佳、北美失速 lululemon官宣换掉CEO

Core Viewpoint - Lululemon's CEO Calvin McDonald will step down on January 31, 2026, after over seven years in the role, amid declining profits and market pressures, particularly in North America, while the company seeks a new leader to navigate its next phase of growth [2][9]. Financial Performance - In the third quarter of fiscal year 2025, Lululemon reported a 7% increase in net revenue to $2.57 billion, but net profit fell by 12.8% to $307 million, and operating profit decreased by 11% to $435.9 million [2][10]. - The gross margin declined by 290 basis points to 55.6%, and the operating margin decreased by 350 basis points to 17% [2][10]. - The North American market, which accounts for nearly two-thirds of total revenue, saw a 2% decline in net revenue and a 5% drop in same-store sales [10]. Market Challenges - The North American market is facing significant challenges due to competition from emerging brands like AloYoga and Vuori, as well as internal pressures from rising tariffs and the cancellation of small exemption policies [10]. - There is a noted innovation bottleneck, with the company overly reliant on core products that are showing signs of decreased demand [11]. International Growth - In contrast to North America, the international market, particularly China, has become a key growth driver, with net revenue increasing by 33% year-over-year and same-store sales up by 18% [10][12]. - The Chinese market alone saw a 46% increase in net revenue to $465.4 million, raising its share of global revenue from 13% to 18% [10][12]. Leadership Transition - McDonald will remain as a senior advisor until March 2026 to ensure a smooth transition as the board searches for a new CEO capable of leading the company through growth and transformation [9].