纺织服装海外跟踪系列五十三：露露乐蒙第三季度收入和利润超预期，中国市场引领增长

Investment Rating - The investment rating for the textile and apparel industry is "Outperform the Market" (maintained) [1][5] Core Viewpoints - The third quarter revenue and profit exceeded management guidance and Bloomberg consensus expectations, with the Chinese market continuing to lead growth; the full-year revenue and EPS guidance has been raised while maintaining operating profit guidance [5][6] - For FY2024 Q3, revenue grew by 9% to $2.4 billion, with a constant currency revenue growth of 8%, and operating profit increased by 45.1% to $490 million [3][14] - The company has raised its FY2024 revenue growth guidance to 9% and EPS guidance to $14.08-$14.16 [5][31] Summary by Sections FY2024 Q3 Performance and Regional Analysis - Revenue increased by 9%, with a strong 39% growth in revenue from China excluding Hong Kong and Taiwan; Canada grew by 9%, while the US revenue remained flat [5][22] - The company reported a gross margin of 58.5%, which is better than previous guidance and Bloomberg consensus [15][22] - The inventory at the end of Q3 increased by 8% to $1.8 billion, which is better than Bloomberg's consensus expectation [15][22] Management Guidance and Outlook - The company has raised its Q4 revenue growth guidance to 8%-10%, with an expected decline in gross margin and an increase in expense ratio [31][32] - For FY2024, the revenue guidance has been adjusted to $10.452-$10.487 billion, reflecting a 9% growth [31][32] Investment Recommendations - The Chinese market continues to show strong performance, and the report is optimistic about leading companies in the Chinese sportswear supply chain [32][33] - The report highlights the potential for growth in local sports brands such as Anta Sports and Li Ning, as well as opportunities for core retailers like Tmall [32][33]