Key Points Shares slid in September following management's move to lower its full-year outlook. Management cited weaker U.S. demand and a meaningful hit to margins from tariffs. Even after the sell-off, valuation is not a clear bargain, given softer growth in the company's largest region. 10 stocks we like better than Lululemon Athletica Inc. › Shares of Lululemon Athletica (NASDAQ: LULU) fell 12% in September, according to data from S&P Global Market Intelligence, as investors digested the athle ...

财务表现 - 公司第一财季收入恢复增长，同比上升1%至约117亿美元 [4] - 北美地区收入增长4%，主要因批发订单改善，但Nike Direct收入因减少数字渠道促销而下降 [4] - 大中华区收入同比下滑10%，尽管部分产品势头良好，但客流量和售罄率滞后 [6] - 公司预计第二财季收入将出现低个位数百分比下降 [6] - 报告毛利率下降320个基点至42.2%，反映折扣、渠道组合变化及更高产品成本 [5] - 新实施的“互惠关税”预计将增加约15亿美元的年化成本 [5] - 每股收益同比下降30% [5] 业务运营 - 批发业务增长以及跑步、训练和篮球品类表现强劲 [4] - 春季批发订单簿同比有所改善，跑步品类在全球实现强劲增长 [6] - 公司正加速需求创造并继续重新平衡渠道 [6] - 管理层承认进展不会完全线性，但方向是明确的 [7] 市场与竞争 - 股价已从近期低点反弹，反映出投资者对新管理层扭转计划的认可 [1] - 核心运动品类和批发业务取得明显进展，但竞争强度和利润率逆风仍是切实担忧 [2] - 考虑到公司近期业绩表现，其股价估值并不一定便宜 [2][8]

投资策略框架 - 整体投资策略以基本面为主导 宏观因素仅在边际产生影响 当前基本面结构依然非常稳固 [2] - 市场由受人工智能顺风推动的增长板块引领 [2] 行业配置调整 - 将通信服务板块从长期超配下调至市场权重 这是自2023年以来的首次调整 [1][3] - 对科技板块仍持积极看法 特别是半导体和软件领域 继续看好人工智能主题 [5] - 将非必需消费品板块调整至市场权重 [6] 通信服务板块观点 - 下调通信服务板块权重是由于战术性决策 该板块包含大型互联网公司 [3] - 反向DCF分析显示 市场对媒体类公司下一份财报已寄予很高期望 股价已计入大量利好消息 [3][4] - 仅达到或略微超出盈利预期可能不足以在短期内支撑股价 需要业绩大幅超预期和上调指引 [4] 非必需消费品板块观点 - 增配非必需消费品是平衡策略的一部分 旨在应对由人工智能影响的半边市场和受传统宏观指标影响的另半边市场 [6][7] - 随着美联储进入降息下一阶段 策略是更积极地布局那些应能从低利率中受益的领域 非必需消费品是其中之一 其受益可能不会立竿见影 但会持续至2026年 [7] - 特别看好零售板块（如亚马逊）以及耐用品和服装板块（包含住宅建筑商） 旨在边际上增加对传统低利率敏感资产的配置 [8] 中小盘股观点 - 对中小盘股转为更加积极的态度 [9] - 中小盘股相对于大盘股传统上对经济更敏感 历史上持有小盘股的理想时期是经济衰退末期 当前虽未至此 但软着陆背景加上美联储降息开始为此创造条件 [9] - 基本面方面 中小盘股在过去两年处于自身的盈利衰退中 第二季度财报实现了两年内盈利增长的首次正面转折 预计这一趋势将持续 [10] - 传统上对低利率的历史敏感性 加上基本面出现拐点的迹象 使策略对中小盘股领域变得更具建设性 [10]

公司业绩表现 - 公司业绩超出华尔街预期 其扭亏为盈的策略正在奏效 [1] - 公司营收在各个区域均实现增长 但大中华区销售额下降10% 营业利润下降25% [3] - 公司毛利率从45.4%下降至42.2% 反映出更高的折扣和关税影响 [4] 关税影响与成本管理 - 关税每年给公司造成约15亿美元的成本 较早期预测增长50% 主要原因是越南制造的鞋类面临20%的关税 [1] - 关税仅占公司去年463亿美元总营收的约3% [2] - 公司一直在转移生产地点以管理成本 [2] 增长动力与战略重点 - 公司对Foot Locker等零售商的批发业务增长7% 显示出修复关系和聚焦核心产品线的成效 [3] - 跑步、训练、篮球和足球等领域的性能鞋是增长的主要驱动力 对休闲服饰的关注已减少 [3] - 公司战略重新聚焦于性能产品 领导层推动明确的复苏计划 [5] 管理层观点与未来展望 - 公司首席执行官强调结构性挑战存在 但并未破坏整体计划 [2] - 管理层强调大中华区的长期潜力依然强劲 [3] - 管理层将公司的复苏努力比作一支执行完美战术的球队 [4]

Lululemon Athletica, Inc. (NASDAQ: LULU ) may enjoy a short-lived increase in price-per-share [PPS] as we approach the December-January Santa Claus Rally and January Effect, so [1] a “trade” or [2] an opportunity to exit your existing position at a lower loss may present itself. However, I do notFull name for licenses is Anthony Joseph ("A.J.") Cataldo II, PhD, CPA. Retired university accounting professor, CMA, CGMA and author of 10 books and 200+ articles and columns in 50+ different journals and outlets, ...

FORT WAYNE, Ind., Oct. 02, 2025 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq: VRA), the iconic American bag and luggage lifestyle brand, today announced a special partnership celebrating two American icons: the Radio City Rockettes, who are celebrating their 100th anniversary this year, and Vera Bradley’s Original 100 Handbag. Launching as part of Vera Bradley’s 2025 winter collection, the Original 100 Handbag is named after its original style number and inspired by the quilted duffels co-founder Barbara ...

Accessibility StatementSkip Navigation The innovation takes fans beyond the grandstand into the high-octane, high-performance world of racing, creating truly unforgettable moments that redefine the intersection of premium fashion, luxury retail, sport and technology NEWTOWN, Pa., Oct. 2, 2025 /PRNewswire/ -- EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced its strategic collaboration with BOSS on a revolutionary immersive spatial exp ...

Key Points Lululemon is registering much slower growth, a stark reversal from the double-digit gains in prior years. There are clear reasons for investors to like this business. The stock’s current valuation is cheap, but Lululemon is a risky bet right now. 10 stocks we like better than Lululemon Athletica Inc. › It's not easy to make a name for yourself in the hypercompetitive fashion and retail sectors. But this is exactly what Lululemon (NASDAQ: LULU) has done. It's the clear pioneer in the ath ...

These stocks face similar risks, and they're down by similar amounts over the past five years.Lululemon Athletica (LULU -0.16%) and Nike (NKE 6.17%) are two iconic, well-known apparel brands. They're popular with young consumers, and many buyers stick with the brands for years.In recent years, however, they've encountered significant challenges. Both stocks are down 44% over the past five years. Nike has been on a more steady decline, whereas Lululemon's stock has recently been in a free fall. Which of thes ...

Lululemon Athletica Inc. (NASDAQ:LULU) is one of the 12 Best Widow and Orphan Stocks to Buy According to Analysts. Needham Downgrades Lululemon Athletica Inc. (LULU) to Hold Copyright: halfpoint / 123RF Stock Photo On September 25, Needham downgraded Lululemon Athletica Inc. (NASDAQ:LULU) to Hold, warning that growing challenges were offsetting its strong brand and 59.1% gross margins. After remaining unchanged in Q4 2024, North American comparable sales dropped 1% and 3% in the first two quarters of 20 ...