Lululemon盘前大跌超17%，业绩低于预期

Core Viewpoint - Lululemon's Q2 FY2025 performance fell short of market expectations, leading to a significant drop in stock price by over 17% following the earnings report [1][3]. Financial Performance - Global net revenue for Q2 increased by 7% year-over-year to $2.5 billion, with international business net revenue growing by 22% [1]. - Gross profit rose by 5% year-over-year to $1.5 billion, while gross margin decreased by 110 basis points to 58.5% [1]. - Diluted earnings per share were $3.10, down from $3.15 in the same period last year [1]. Market Challenges - The primary reason for the underperformance was the continued pressure on Lululemon's core business in North America, with comparable store sales in the Americas declining by 4% [3]. - CEO Calvin McDonald acknowledged that the performance in the U.S. market and certain product lines did not meet expectations [3]. Regional Performance - The China market played a crucial role, with net revenue in mainland China increasing by 25% year-over-year, making it Lululemon's second-largest market globally [3]. - The company opened five new stores in mainland China during the quarter [3]. Future Outlook - CFO Meghan Frank indicated plans to open approximately 15 new stores in the Americas in FY2025, with nearly half located in Mexico [3]. - The company is adjusting its expectations due to industry challenges, including tariff increases, and has 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 [3].