纺织服装行业周报：Deckers公布FY25Q2季报，上调FY2025收入指引至12%

Investment Rating - The textile and apparel industry maintains a "Hold" rating, synchronized with the market [8] Core Insights - The industry has shown mixed performance, with Adidas reporting a 10% year-on-year revenue growth in Q3 2024, reaching €6.438 billion, while the overall textile and apparel sector has faced challenges [51] - Deckers has raised its FY2025 revenue guidance to a 12% increase, reflecting strong brand performance, particularly in the UGG and HOKA ONE ONE brands [3][14] - The textile and apparel sector has underperformed the market, with a 2.46% decline in the SW textile and apparel index compared to a 1.68% drop in the Shanghai Composite Index [5][16] Summary by Sections Industry Performance - The textile and apparel sector has seen a decline of 2.46% in the SW index, with sub-sectors like textile manufacturing and apparel experiencing drops of 1.68% and 3.34% respectively [5][16] - Deckers reported a revenue of $1.311 billion for FY25Q2, marking a 20.1% increase year-on-year, with significant growth in its wholesale and DTC channels [3][14] Company Insights - Adidas' Q3 2024 results showed a 46% increase in operating profit, with a gross margin of 51.3%, up 2 percentage points from the previous year [51] - Deckers' revenue guidance for FY2025 has been adjusted to reflect a 12% growth, with a projected gross margin of 55%-55.5% [4][15] Market Trends - The overall market for gold consumption has declined by 11.18% in the first three quarters of 2024, with jewelry consumption down 27.53% [2][47] - E-commerce platforms like Douyin have reported significant growth in sales during promotional events, indicating a shift in consumer purchasing behavior [6]