Companies /Consumer Cyclical

Lululemon Athletica Inc

NASDAQ: LULU Apparel Retail
$121.77
▲ $1.70 (+1.42%) today
Markets closed · 9:25am ET

Q4 2025 Earnings

Reported Mar 27, 2025, 4:10pm ET · SEC source
$6.14
Beat +4.63%
EPS · est. $5.87
$3.6B
Beat +0.69%
Revenue · est. $3.6B
−7.4%
Trailing market
LULU vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%0+6%Mar 27Mar 28report 4:10pm ETearnings−2.3%−7.4%
−6%0+6%Mar 27Mar 28earnings−2.3%−7.4%
LULU −7.4%S&P 500 −2.3%
−6%0+6%Mar 27Mar 28report 4:10pm ETearnings−3.1%−7.4%
−6%0+6%Mar 27Mar 28earnings−3.1%−7.4%
LULU −7.4%NASDAQ −3.1%
−20%0Mar 26Apr 4report 4:10pm ETearnings−11.0%−13.3%
−20%0Mar 26Apr 4earnings−11.0%−13.3%
LULU −13.3%S&P 500 −11.0%
−20%0Mar 26Apr 4report 4:10pm ETearnings−12.2%−13.3%
−20%0Mar 26Apr 4earnings−12.2%−13.3%
LULU −13.3%NASDAQ −12.2%
−14.19%
Day of report
−3.41%
Next session
−10.02%
One week
−7.61%
30 days

S&P 500 over the same 30 days: −0.20%.

Did LULU Beat Earnings? Q4 2025 Results

Lululemon closed out fiscal 2024 on a high note, delivering Q4 revenue of $3.61 billion, a 13% year-over-year increase, and earnings per share of $6.14, as the company crossed the $10.00 billion annual revenue threshold for the first time in its history. The quarter's standout driver was international momentum, with China Mainland posting 46% revenue growth and total international revenue surging 38%, more than offsetting a comparatively subdued 7% gain in the Americas where comparable sales were flat. Gross margin expanded 100 basis points to 60.4% in Q4, while the full year saw operating margin improve 150 basis points to 23.7%, reflecting disciplined cost management alongside top-line gains. Yet the results landed alongside a cautious forward outlook that disappointed investors, with fiscal 2025 revenue guidance of $11.15 billion to $11.30 billion and full-year EPS of $14.95 to $15.15 coming in below analyst expectations, as slowing U.S. consumer traffic and macroeconomic uncertainty tempered enthusiasm for an otherwise solid performance.

Key Takeaways
  • Strong international growth, particularly in China Mainland with 46% Q4 revenue growth
  • Men's product category grew 17% in Q4, outpacing women's at 11%
  • Gross margin expansion of 100 basis points to 60.4% in Q4
  • 53rd week contributed approximately 5 percentage points to Q4 revenue growth
  • Net new store openings of 56 for the full year, ending with 767 stores
  • Company-operated store revenue grew 18% in Q4

“Our fourth quarter results exceeded our expectations as we continued to introduce more newness and innovation into our product assortment. Our performance demonstrates the ongoing strength and resilience of lululemon and is a testament to the passion and dedication of our teams around the world. As we begin 2025, we remain focused on executing on our Power of Three ×2 growth plan and delivering an exciting pipeline of innovation and brand activations for our guests and communities.”

Lululemon CEO, on the earnings call

Forward Guidance & Outlook

For Q1 2025, lululemon expects net revenue of $2.335 billion to $2.355 billion (6-7% growth) and diluted EPS of $2.53 to $2.58, assuming a 30% tax rate. For full fiscal year 2025, the company expects net revenue of $11.150 billion to $11.300 billion (5-7% growth, or 7-8% excluding the 53rd week of 2024) and diluted EPS of $14.95 to $15.15, assuming a 30% tax rate. Guidance does not reflect potential future share repurchases and does not incorporate future unknown impacts including macroeconomic trends.

LULU YoY Financials

Revenue$3.6B
Gross Profit$2.2B
Operating Income$1.0B
Net Income$748.4M

Figures from SEC filings and company reports. Not investment advice.