Lululemon Stock Is Falling Because the Bar for Earnings Was High -- Barrons.com
Lululemon Stock Is Falling Because the Bar for Earnings Was High -- Barrons.com
DJ Lululemon Stock Is Falling Because the Bar for Earnings Was High -- Barrons.com
DJ露露檸檬股價下跌，因為盈利門檻很高-Barrons.com
By Teresa Rivas
特蕾莎·裏瓦斯(Teresa Rivas)著
Lululemon Athletica stock was falling in after-hours trading on Tuesday, despite the athleisure apparel firm's better-than-expected fiscal second-quarter earnings.
週二，Lululemon Athletica的股價在盤後交易中下跌，儘管這家運動休閒服裝公司第二財季的收益好於預期。
Lululemon (ticker: LULU) said it earned 74 cents a share on revenue that rose 3% year over year -- excluding the effects of currency exchange -- to $902.9 million. Analysts were looking for the company to earn 56 cents on revenue of $844.5 million. That is an improvement from the company's disappointing fiscal first quarter, delivered in June.
露露檸檬(代碼：Lulu)表示，剔除匯率因素的影響，每股收益為74美分，營收同比增長3%，至9.029億美元。分析師此前預計該公司營收為8.445億美元，盈利56美分。與6月份發佈的令人失望的第一財季相比，這是一個改善。
However, Lululemon stock was down 3.9% to $336.27 near 5 p.m. Eastern time. That could be attributable to a number of factors, not least of which is the more than 50% run that the shares have notched this year, which set the bar high for financial results. The company didn't provide a full-year forecast, citing the pandemic, and didn't disclose same-store sales for the same reason, for the second quarter in a row.
不過，接近下午5點時，露露檸檬的股價下跌了3.9%，至336.27美元。東部時間。這可能歸因於一系列因素，尤其是該公司股價今年漲幅超過50%，這為財務業績設定了很高的門檻。該公司沒有提供全年預測，理由是疫情蔓延，出於同樣的原因，該公司連續第二個季度沒有披露同店銷售額。
Moreover, revenue at company-operated stores fell 51% to $287.2 million, while gross margin decreased 0.8 percentage point to 54.2%. Income from operations and operating margins both fell in the quarter as well.
此外，公司運營的門店收入下降51%，至2.872億美元，毛利率下降0.8個百分點，至54.2%。運營收入和營業利潤率在本季度也都有所下降。
One unequivocal bright spot was direct-to-consumer revenue, which jumped 157% -- on a constant dollar basis -- to $554.3 million, and represented 61.4% of total revenue, more than double the year-earlier 24.6% figure.
一個明確的亮點是直接面向消費者的收入，按美元不變計算，這一收入增長了157%，達到5.543億美元，佔總收入的61.4%，是去年同期24.6%的兩倍多。
Direct-to-consumer business is a major area of focus for investors, with industries from snacks to sneakers looking to bypass middlemen, and in some cases stores themselves, to reach consumers through e-commerce. Lululemon and others have struggled to make up for store closures with online sales, although the increase is an encouraging sign.
直接面向消費者的業務是投資者關注的主要領域，從零食到運動鞋等行業都在尋求繞過中間商，在某些情況下，商店本身也希望通過電子商務接觸到消費者。露露檸檬和其他公司一直在努力通過在線銷售來彌補門店關閉的影響，儘管這一增長是一個令人鼓舞的跡象。
Overall, bulls and bears could both pick what they liked from the report, hence the muted response. Lululemon fans will point to the top- and bottom-line beats and accelerating direct-to-consumer revenue. Skeptics will likely note that other retailers have provided comparable sales, no matter how abysmal, valuation, and the margin declines, which could reflect the higher cost of doing business online for some retailers.
總體而言，多頭和空頭都可以從報告中挑選自己喜歡的東西，因此反應平淡。露露檸檬的粉絲們會指出營收和利潤的節拍，以及加速直接面向消費者的收入。懷疑者可能會注意到，其他零售商也提供了可比的銷售額，無論估值有多糟糕，利潤率有多低，這可能反映出一些零售商在網上做生意的成本更高。
The shares are up 51% year to date but fell almost 12% in regular trading Tuesday, on a day the Dow Jones Industrial Average lost more than 2%.
今年到目前為止，該公司股價上漲了51%，但在週二的正常交易中下跌了近12%，當天道瓊斯工業股票平均價格指數(Dow Jones Industrial Average)下跌了2%以上。
Write to Teresa Rivas at teresa.rivas@barrons.com
寫信給Teresa Rivas，電子郵件：teresa.rivas@Barrons.com
(END) Dow Jones Newswires
(完)道瓊通訊社
September 08, 2020 16:59 ET (20:59 GMT)
2020年9月8日美國東部時間16：59(格林尼治標準時間20：59)
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