Lululemon Athletica Inc

LULU: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Lululemon Earnings: International Growth Making Up for Slowdown in North America; Shares Expensive

David Swartz

Dec 6, 2024

Narrow-moat Lululemon shook off the troubles of 2024’s first half by posting third-quarter sales and earnings that surpassed our expectations. Although comparable sales fell 2% in the Americas (against 13% growth a year ago), there are reasons to be optimistic about upcoming product launches in 2025, and its international sales have soared. We expect to lift our $296 per share fair value estimate on Lululemon by a mid-single-digit percentage, but rate its shares as overvalued after rallying more than 40% over the past three months.

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Lululemon Athletica Inc

Lululemon Earnings: International Growth Making Up for Slowdown in North America; Shares Expensive

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