<p>对于 <strong>Lululemon Athletica</strong>(LULU 1.51%) 的股票来说，这一年非常艰难。由于关税相关的逆风和其他经济挑战，公司的业务一直受到影响，股票也在自由下跌。公司不仅经历了放缓，投资者也担心接下来的几个季度可能会更糟。</p>
<p>由于悲观情绪和面临的种种逆境，Lululemon 的股票不仅跌至新的 52 周低点，还跌至多年来的低点。现在你可以以五年前的价格购买该股票，当时由于与疫情相关的担忧而下跌。但大问题是你今天是否会想要购买它，以及它是否真的便宜，或者在接下来的几周和几个月里，抛售是否会变得更糟。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMzMTgvaW52ZXN0b3ItYW5hbHl6aW5nLWEtY2hhcnQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMzMTgvaW52ZXN0b3ItYW5hbHl6aW5nLWEtY2hhcnQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>Lululemon 的销售受到打击</h2>
<p>过去，Lululemon 是一只令人着迷的服装股票，因为它具有强劲的增长前景。但近年来，公司的销售增长率显著放缓。这可能是一个巨大的问题，特别是当投资者为股票支付溢价时。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/996464faa3da48c6247114d8158c8b27.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/996464faa3da48c6247114d8158c8b27.png"/></p>
<p>LULU 收入（季度同比增长）数据来自 YCharts</p>
<p>在截至 8 月 3 日的第二季度，Lululemon 的销售同比仅增长 6.5%，达到 25 亿美元。公司的收入略低于分析师的预期。北美的同店销售下降了 4%。</p>
<p>在底线表现上并不算差，Lululemon 报告每股收益为 3.10 美元，远超华尔街预期的 2.88 美元。但问题是，未来几个季度的收益将会更糟，公司预计由于关税，当前财政年度的底线将受到 2.4 亿美元的影响。首席执行官 Calvin McDonald 表示，&#34;增加的税率和取消最低免税额条款在我们年度指导的下调中起了很大作用。&#34;</p>
<h2>Lululemon 的估值看起来很诱人</h2>
<p>截至上周末，Lululemon 的股票自年初以来已暴跌 58%。这是一场灾难性的表现，轻易导致股票创下新的 52 周低点。上一次它处于这些水平（约 160 美元）是在 2020 年，那时由于与疫情相关的担忧，整个股市短暂崩溃。</p>
<p>根据收益，Lululemon 看起来可能是个便宜的交易。目前，该股票的前瞻市盈率（P/E）为 12，这基于分析师对公司未来一年表现的预期。考虑到 <strong>标准普尔 500</strong> 的平均股票前瞻市盈率超过 21，这个估值非常便宜。</p>
<h2>Lululemon 的股票今天值得冒险吗？</h2>
<p>Lululemon 的股票目前处于多年来的低点，但这是有正当理由的。投资者担心，在经济条件严峻和消费者削减可自由支配支出的情况下，Lululemon 的业务在未来几个季度可能面临挑战。关税加剧了这些担忧。</p>
<p>鉴于对业务的不确定性，我会暂时不投资 Lululemon 的股票。它确实看起来便宜，但其高价服装可能并不受欢迎。而且，考虑到快速时尚的上升趋势和消费者选择从在线零售商购买便宜产品，未来公司能否赢得客户也是一个值得讨论的问题，这也可以解释 Lululemon 近年来增长放缓的原因。公司已经面临多年的逆境，尽管今年情况显著恶化，但业务已经在放缓。</p>
<p>Lululemon 股票的抛售可能还没有结束。考虑到业务仍然存在大量不确定性，投资者最好的选择可能是采取观望态度。</p>

露露乐蒙

<p>露露乐蒙的股票因经济挑战和关税相关问题大幅下跌，已达到多年来的低点。尽管销售略有增长，但公司面临可比门店销售下滑以及预计本财年将遭受 2.4 亿美元的收益损失。目前，股票的前瞻市盈率为 12，相较于标准普尔 500 指数的平均水平显得被低估。然而，关于未来需求和快时尚竞争的担忧表明，投资者在购买露露乐蒙股票之前应采取谨慎的态度</p>

<p>It's been a tough year for <strong>Lululemon Athletica</strong>(LULU 1.51%) stock. It has been in a free fall as tariff-related headwinds and other economic challenges have been weighing on its business. Not only has the company been experiencing a slowdown, but investors have also been worried upcoming quarters could be even worse.</p>
<div class="lb-trans"><p>对于 <strong>Lululemon Athletica</strong>(LULU 1.51%) 的股票来说，这一年非常艰难。由于关税相关的逆风和其他经济挑战，公司的业务一直受到影响，股票也在自由下跌。公司不仅经历了放缓，投资者也担心接下来的几个季度可能会更糟。</p>
</div><p>As a result of the bearishness and all the adversity it has been facing, Lululemon's stock has not only fallen to a new 52-week low but also to multiyear lows. You can now buy the stock around where it was trading five years ago, when it dropped due to concerns related to the pandemic. But the big question is whether you'd <em>want</em> to buy it today and if it really is a cheap buy, or if the sell-off could get even worse in the weeks and months ahead.</p>
<div class="lb-trans"><p>由于悲观情绪和面临的种种逆境，Lululemon 的股票不仅跌至新的 52 周低点，还跌至多年来的低点。现在你可以以五年前的价格购买该股票，当时由于与疫情相关的担忧而下跌。但大问题是你今天是否会想要购买它，以及它是否真的便宜，或者在接下来的几周和几个月里，抛售是否会变得更糟。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMzMTgvaW52ZXN0b3ItYW5hbHl6aW5nLWEtY2hhcnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833318%2Finvestor-analyzing-a-chart.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Lululemon's sales have been taking a hit</h2>
<div class="lb-trans"><h2>Lululemon 的销售受到打击</h2>
</div><p>In the past, Lululemon has been a captivating apparel stock to own because of its strong growth prospects. But in recent years, the company's sales growth rate has been slowing down significantly. And that can be a huge problem, particularly when investors are paying a premium for the stock.</p>
<div class="lb-trans"><p>过去，Lululemon 是一只令人着迷的服装股票，因为它具有强劲的增长前景。但近年来，公司的销售增长率显著放缓。这可能是一个巨大的问题，特别是当投资者为股票支付溢价时。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/996464faa3da48c6247114d8158c8b27.png" alt="" original-src="https://media.ycharts.com/charts/996464faa3da48c6247114d8158c8b27.png"/></p>
<p>LULU Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>LULU 收入（季度同比增长）数据来自 YCharts</p>
</div><p>For the company's second quarter, which ended Aug. 3, Lululemon's sales rose by just 6.5% year over year to $2.5 billion. The company's top line came in just below analyst expectations. And comparable store sales in North America declined by 4%.</p>
<div class="lb-trans"><p>在截至 8 月 3 日的第二季度，Lululemon 的销售同比仅增长 6.5%，达到 25 亿美元。公司的收入略低于分析师的预期。北美的同店销售下降了 4%。</p>
</div><p>It wasn't a bad performance on the bottom line as Lululemon reported earnings per share of $3.10, which was soundly better than Wall Street's estimates of $2.88. But the problem is that earnings will be worse in upcoming periods, with the company projecting a $240 million hit to its bottom line for the current fiscal year due to tariffs. CEO Calvin McDonald said that, &#34;the increased rates and removal of the de minimis provisions have played a large part in our guidance reduction for the year.&#34;</p>
<div class="lb-trans"><p>在底线表现上并不算差，Lululemon 报告每股收益为 3.10 美元，远超华尔街预期的 2.88 美元。但问题是，未来几个季度的收益将会更糟，公司预计由于关税，当前财政年度的底线将受到 2.4 亿美元的影响。首席执行官 Calvin McDonald 表示，&#34;增加的税率和取消最低免税额条款在我们年度指导的下调中起了很大作用。&#34;</p>
</div><h2>Lululemon's valuation looks tempting</h2>
<div class="lb-trans"><h2>Lululemon 的估值看起来很诱人</h2>
</div><p>As of the end of last week, Lululemon's stock has crashed 58% since the start of the year. It's been a disastrous performance that has easily resulted in the stock hitting a new 52-week low. And the last time it was at these levels (around $160) was in 2020, and that was briefly when the stock market as a whole crashed due to concerns related to the pandemic.</p>
<div class="lb-trans"><p>截至上周末，Lululemon 的股票自年初以来已暴跌 58%。这是一场灾难性的表现，轻易导致股票创下新的 52 周低点。上一次它处于这些水平（约 160 美元）是在 2020 年，那时由于与疫情相关的担忧，整个股市短暂崩溃。</p>
</div><p>Based on earnings, Lululemon looks like it may be a steal of a deal. Currently, the stock trades at a forward price-to-earnings (P/E) multiple of 12, which is based on how analysts expect the company to perform in the year ahead. That's an incredibly cheap valuation given that the average stock on the <strong>S&amp;P 500</strong> trades at a forward P/E of over 21.</p>
<div class="lb-trans"><p>根据收益，Lululemon 看起来可能是个便宜的交易。目前，该股票的前瞻市盈率（P/E）为 12，这基于分析师对公司未来一年表现的预期。考虑到 <strong>标准普尔 500</strong> 的平均股票前瞻市盈率超过 21，这个估值非常便宜。</p>
</div><h2>Is Lululemon stock worth taking a chance on today?</h2>
<div class="lb-trans"><h2>Lululemon 的股票今天值得冒险吗？</h2>
</div><p>Lululemon stock is at multiyear lows right now, but for justifiable reasons. Investors are worried that in light of challenging economic conditions and consumers scaling back on discretionary spending that Lululemon's business may face challenges in future quarters. Tariffs exacerbate those worries.</p>
<div class="lb-trans"><p>Lululemon 的股票目前处于多年来的低点，但这是有正当理由的。投资者担心，在经济条件严峻和消费者削减可自由支配支出的情况下，Lululemon 的业务在未来几个季度可能面临挑战。关税加剧了这些担忧。</p>
</div><p>Given the uncertainty around the business, I'd hold off on investing in Lululemon stock today. It certainly does look cheap but its premium-priced apparel may simply not be in high demand. And whether the company can win customers over in the future is also debatable, given the rising trend of fast fashion and consumers opting to buy cheap products from online retailers, which can explain Lululemon's slowing growth in recent years. The company has been facing adversity for multiple years now and while things have gotten significantly worse this year, the business has already been slowing down.</p>
<div class="lb-trans"><p>鉴于对业务的不确定性，我会暂时不投资 Lululemon 的股票。它确实看起来便宜，但其高价服装可能并不受欢迎。而且，考虑到快速时尚的上升趋势和消费者选择从在线零售商购买便宜产品，未来公司能否赢得客户也是一个值得讨论的问题，这也可以解释 Lululemon 近年来增长放缓的原因。公司已经面临多年的逆境，尽管今年情况显著恶化，但业务已经在放缓。</p>
</div><p>It's possible the sell-off in Lululemon stock isn't over just yet. And with plenty of uncertainty still around the business, the best option for investors may be to take a wait-and-see approach.</p>
<div class="lb-trans"><p>Lululemon 股票的抛售可能还没有结束。考虑到业务仍然存在大量不确定性，投资者最好的选择可能是采取观望态度。</p>
</div>

露露乐蒙的股票价格自 2020 年以来从未如此低廉。现在是入手的好时机，还是它会继续下跌？