Core Viewpoint - BMW has lowered its 2025 earnings guidance due to weaker-than-expected growth in China and the impact of US import tariffs [1][2][4] Group Performance - Year-to-date volume growth has been reported in Europe and the Americas, but deliveries in China have fallen short of internal targets, leading to reduced sales expectations for the Chinese market in Q4 [1][2] - The automotive EBIT margin for 2025 is now expected to be in the range of 5% to 6%, down from the previously guided 5% to 7% [3][4] Financial Projections - The revised return on capital employed (automotive) is projected at 8% to 10%, down from 9% to 13% [4] - Group earnings before tax are expected to decline slightly, contrary to previous forecasts of being on the same level as the previous year [4] - Free cash flow in the automotive segment for 2025 is now expected to be above €2.5 billion ($2.91 billion), down from a prior expectation of above €5 billion [5] External Factors - A significant reduction in commissions from local Chinese banks related to financial and insurance products will necessitate financial support to bolster dealer profitability [2] - BMW assumes that reimbursements of customs duties from American and German authorities, totaling a high three-digit million figure, will not be received in 2025 but only paid in 2026 [4] Future Outlook - BMW plans to publish full quarterly results and the adjusted outlook on 5 November 2025 in its Quarterly Statement to 30 September 2025 [6]

Core Insights - Lululemon Athletica shares fell over 17% after the company reduced its full-year guidance despite reporting a stronger-than-expected second-quarter profit [1] Financial Performance - For the second quarter ended July 28, Lululemon reported an EPS of $3.10, exceeding the consensus estimate of $2.87 [1] - Revenue for the same quarter was $2.53 billion, slightly missing estimates of $2.54 billion [1] Future Projections - For Q3, Lululemon projected EPS between $2.18 and $2.23, and revenue between $2.47 and $2.50 billion, both below market estimates of $2.90 and $2.56 billion respectively [2] - For FY25, the earnings guidance was lowered to a range of $12.77 to $12.97 per share from a previous range of $14.58 to $14.78, compared to the consensus of $14.61 [2] - Revenue forecast for FY25 was adjusted to $10.85 to $11.0 billion, down from prior guidance of $11.15 to $11.30 billion and below the consensus of $11.2 billion [2]