Lululemon Set For Strong Global Growth Despite Mixed US Trends: Analysts Eye China As Key Driver For 2024-2026 Expansion
Lululemon Set For Strong Global Growth Despite Mixed US Trends: Analysts Eye China As Key Driver For 2024-2026 Expansion
Boss expects Lululemon's international revenues to grow by over 30% annually in FY24 and into FY25/26, resulting in a 35% revenue CAGR by 2026 compared to 2021, exceeding management's 30%+ target.Analysts provided their views on Lululemon Athletica Inc. (NASDAQ:LULU) ahead of the Shanghai Analyst Meeting scheduled for October 9-10.
分析師在定於10月9日至10日舉行的上海分析師會議之前發表了對Lululemon Athletica Inc.（納斯達克股票代碼：LULU）的看法。
JP Morgan analyst Matthew R. Boss notes that North American revenues have outperformed Lululemon's (Overweight with a price target of $338.00) April 2022 Investor Day plan, exceeding the expected low-double-digit CAGR by around 10 points, with FY23 achieving a 20% CAGR.
摩根大通分析師馬修·博斯指出，北美收入的表現已經超過了Lululemon（增持，目標股價爲338.00美元）的2022年4月投資者日計劃，比預期的低兩位數複合年增長率高出約10個百分點，23財年實現了20％的複合年增長率。
As a result, revenues in North America may now be "normalizing" toward the originally outlined low-double-digit CAGR for 2021-2026, with the analyst projecting a return to a 12% CAGR in the second half of FY24.
因此，北美的收入現在可能正在 「正常化」 至最初概述的2021-2026年兩位數的低複合年增長率，分析師預計24財年下半年將恢復到12％的複合年增長率。
Boss expects Lululemon's international revenues to grow by over 30% annually in FY24 and into FY25/26, resulting in a 35% revenue CAGR by 2026 compared to 2021, exceeding management's 30%+ target.
Boss預計，Lululemon的國際收入將在24財年和25/26財年每年增長30％以上，與2021年相比，到2026年的收入複合年增長率將達到35％，超過管理層設定的30％以上的目標。
This growth, driven by both China and other global markets, is expected to increase international revenues to 35% of total sales by 2026, adds the analyst.
分析師補充說，這種增長受中國和其他全球市場的推動，預計到2026年將國際收入增加到總銷售額的35％。
The analyst projects FY24 EPS at $14.06 (vs. Street's $13.99) within management's guidance range of $13.95-$14.15, driven by +8.8% revenue growth (vs. Street's +8.5%).
該分析師預計，24財年每股收益爲14.06美元（華爾街爲13.99美元），在管理層13.95美元至14.15美元的指導區間內，收入增長8.8％（華爾街爲+8.5％）。
For FY25, Boss forecast EPS at $15.00 (vs. Street's $14.94), with revenue growth of +5.8% and operating margins flat year-over-year, below management's expected margin expansion.
Boss預測25財年的每股收益爲15.00美元（而華爾街爲14.94美元），收入同比增長5.8％，營業利潤率持平，低於管理層預期的利潤增長。
Meanwhile, Goldman Sachs analyst Brooke Roach writes that recent data points for Lululemon (Neutral rated with a price target of $291) show a mixed outlook.
同時，高盛分析師布魯克·羅奇寫道，Lululemon（中性評級，目標股價爲291美元）的最新數據顯示出喜憂參半的前景。
On the positive side, brand purchase intent and net promoter scores are improving according to HundredX, with stronger digital traffic and app downloads, along with a slight reduction in promotions year-over-year.
從積極的方面來看，根據HundredX的數據，品牌購買意向和淨推薦人得分正在提高，數字流量和應用程序下載量有所增加，促銷活動同比略有減少。
However, this is tempered by weak in-store traffic trends (down 9% YoY in September), declining Google search interest in the U.S. and Canada, and sluggish sales (according to Bloomberg), adds the analyst.
但是，分析師補充說，疲軟的店內流量趨勢（9月份同比下降9％），谷歌對美國和加拿大的搜索興趣下降以及銷售疲軟（據彭博社報道），抑制了這種情況。
Roach says that while product newness has stabilized, this is attributed to easier year-over-year comparisons rather than a surge in new product launches.
羅奇說，儘管產品新穎性已經穩定，但這歸因於更容易的同比比較，而不是新產品發佈的激增。
The analyst anticipates the analyst meeting to highlight the brand's international growth potential, with a focus on expansion in China. However, the analyst doesn't expect any new long-term targets or financial guidance for the overall company to be announced.
該分析師預計，分析師會議將重點介紹該品牌的國際增長潛力，重點是在中國的擴張。但是，分析師預計不會公佈任何新的長期目標或整個公司的財務指導。
Investors can gain exposure to the stock via Pacer US Cash Cows Growth ETF (NYSE:BUL) and Vanguard U.S. Quality Factor ETF (BATS:VFQY).
投資者可以通過Pacer US Cash Cash Cosh Cows Growth ETF（紐約證券交易所代碼：BUL）和Vanguard美國質量因子ETF（BATS: VFQY）獲得股票敞口。
Price Action: LULU shares are down 0.41% at $269.28 at the last check Monday.
價格走勢：週一最後一次檢查時，露露股價下跌0.41％，至269.28美元。
Image: Pedro Alvarez from Pixabay
圖片：來自 Pixabay 的佩德羅·阿爾瓦雷斯
- Lululemon's International Growth And Men's Apparel Drive Optimism Amid US Challenges: Analysts
- 分析師：在美國的挑戰下，Lululemon的國際增長和男士服裝推動了樂觀情緒
譯文內容由第三人軟體翻譯。
