突然，崩盘！关税，重创！

Core Viewpoint - The article highlights the significant impact of U.S. tariff policies on lululemon's financial performance, leading to a substantial drop in its stock price and downward revisions of its earnings and sales forecasts for fiscal year 2025 [1][2][4]. Financial Performance - lululemon's projected net revenue for the fiscal year 2025 is between $10.85 billion and $11 billion, down from a previous forecast of $11.15 billion to $11.3 billion, and below market expectations of $11.2 billion [4]. - The company expects earnings per share to be between $12.77 and $12.97, significantly lower than analyst expectations of $14.40 and previous guidance of $14.58 to $14.78 [4]. - In the second fiscal quarter, lululemon reported revenue of $2.525 billion, a year-over-year increase of 6.5%, while net profit decreased by 5% to $371 million [4]. Market Impact - The stock price of lululemon fell by as much as 20% during trading, closing down 18.58% following the earnings report [2][4]. - Year-to-date, lululemon's stock has declined by 46%, resulting in a market capitalization loss of over $20 billion [1]. Competitive Landscape - lululemon's core business in North America is under pressure, with comparable store sales in the Americas declining by 4% in the second quarter [5]. - The company faces increased competition from emerging brands like Alo Yoga and Vuori, which are capturing market share [5]. Broader Industry Context - The article notes that other major brands, such as Adidas and Nike, are also experiencing challenges due to U.S. tariff policies, with Adidas reporting significant losses and Nike planning layoffs [5][6]. - The overall apparel industry is feeling the effects of rising costs due to tariffs, which are expected to continue impacting consumer prices and spending [7][8].