Key Takeaways NIKE's Win Now strategy targets growth via sport-led innovation and streamlined product focus. FY25 revenues for NIKE fell 10%, with headwinds from China, digital shifts and elevated inventories. LULU Q1 revenues grew 7% y/y and gross margin rose 60 bps, driven by global expansion and product traction.The dynamic world of athletic apparel is marked by two titans vying for dominance: NIKE Inc. (NKE) , the undisputed global sportswear giant, and lululemon athletica inc. (LULU) , the sleek disr ...

lululemon athletica inc. (LULU) tumbled 19.8% after the company reported its first-quarter fiscal 2025 earnings, despite beating both revenue and EPS estimates. The sharp sell-off reflects investor concern over the company's updated outlook, particularly its warning about rising import tariffs of 30% on goods from China and 10% from other countries, which are expected to significantly pressure gross margins in the second half of the year. As a result, lululemon revised its full-year gross margin outlook dow ...

数据显示，过去三个月，Lululemon股价下跌8.9%，逊于行业整体下跌6.9%的表现。当前，Lululemon股 价为317.09美元，较52周低点226.01美元高出40.3%，但较52周高点423.32美元仍低25.1%。此外，从估 值来看，该股未来12个月预期市盈率为20.74倍，高于行业平均的12.72倍。这一高估值表明投资者对 Lululemon的未来增长抱有较高期望，但也意味着当前估值可能偏高，部分投资者可能会选择等待更理 想的买入时机。 在2024财年第四季度财报电话会上，Lululemon管理层对国际业务，特别是中国大陆的增长表现出强烈 信心。模型预测，Lululemon第一季度国际营收将同比增长2.3%。 但与此同时，Lululemon也正遭遇来自通胀环境和利率上升的挑战，这些因素削弱了消费者在非必需品 上的支出，尤其是女装品类的疲软影响了其在美洲市场的表现。尽管新产品吸引力强，但该公司在北美 市场仍面临人流量与销售增长不足的问题，亟需加快复苏步伐。 此外，关税问题对利润率构成压力。该公司管理层在上季度电话会上对来自墨西哥和中国进口商品的关 税影响表示担忧，认为这将推动成本上升，影响20 ...

Company Performance - Lululemon athletica inc. (LULU) stock has declined by 4.2% over the past month, primarily due to expectations of higher expenses and uncertainty from increased tariffs on imports from China and Mexico [1][15] - The stock's performance is below the broader sector's growth of 0.2% and the S&P 500 index's decline of 1.2%, but it has outperformed the Textile - Apparel industry's decline of 5.6% [2] Valuation Metrics - LULU's current share price is $271.27, reflecting a 20% premium to its 52-week low of $226.01 and a 35.9% discount from its 52-week high of $423.32 [6] - The forward 12-month price-to-earnings (P/E) multiple is 17.88X, significantly higher than the Zacks Textile - Apparel industry average of 10.44X, indicating a relatively expensive valuation [8][10] - The price-to-sales (P/S) ratio stands at 2.86X, above the industry's 1.63X, contributing to investor unease [9] Earnings Outlook - For the first quarter of fiscal 2025, Lululemon anticipates flat year-over-year gross margins, with operating margins projected to decline by 120 basis points due to increased expenses [16][19] - The company forecasts fiscal 2025 EPS between $14.95 and $15.15, reflecting a rise from $14.64 in fiscal 2024, despite currency headwinds expected to reduce EPS by 30-35 cents [19] Growth Strategy - Lululemon's Power of Three X2 growth plan aims for a total net revenue CAGR of 15% from 2021 to 2026, targeting $12.5 billion in net revenues by 2026 [14][23] - The company is focusing on expanding its international presence, particularly in key markets like Mainland China, and aims for international revenues to account for nearly 50% of total sales by the end of 2026 [22] Investor Sentiment - Despite a strong performance last quarter, investor sentiment remains cautious due to rising tariffs and unfavorable currency exchange rates, reflected in a downtrend in earnings estimates [15][20] - The Zacks Consensus Estimate for LULU's fiscal 2025 and 2026 earnings per share has declined by 2% and 1.6%, respectively, indicating skepticism about the company's near-term growth potential [20]

作者丨 Amrita Roy 编译 | 华尔街大事件 尽管 lululemon（ NADAQ： LULU ）基本面强劲且增长目标可实现，但 鉴于关税风险加大和收益率上升，上涨潜力有限，这可能会影响该公 司的增长计划。该公司于3月底公布了 2024财年第四季度财报 ，其营收和盈利均超出预期，这得益于其美国市场的增长趋于稳定，同时其国际 市场的增长势头也持续保持，尤其是在产品创新方面，该公司通过品牌宣传活动、专属会员活动以及新店开设等方式，加倍提升客户体验。 然而，投资者选择忽略其强劲的第四季度业绩，而将目光投向2025财年。根据管理层的指引，由于外汇和关税相关的不利因素，预计2025财年 的收入和盈利增长将放缓，而不断增长的库存引发了人们对未来利润压力加剧的担忧。 因此，最糟糕的情况可能已经反映在价格中 lululemon 的股价 在过去一个月中经历了对其收入和盈利预期的一系列 负面修正。 此外，管理层将能够推动其 Power of Three x2 的三大支柱的增长，即国际扩张、产品创新和客户体验，从而提高其运营地区的每用户平均收入 并提高盈利能力。因此，FENXS 将把该股评级上调至当前水平的"买入"，目标 ...