<p>對於 <strong>Lululemon Athletica</strong>(LULU 1.51%) 的股票來説，這一年非常艱難。由於關税相關的逆風和其他經濟挑戰，公司的業務一直受到影響，股票也在自由下跌。公司不僅經歷了放緩，投資者也擔心接下來的幾個季度可能會更糟。</p>
<p>由於悲觀情緒和麪臨的種種逆境，Lululemon 的股票不僅跌至新的 52 周低點，還跌至多年來的低點。現在你可以以五年前的價格購買該股票，當時由於與疫情相關的擔憂而下跌。但大問題是你今天是否會想要購買它，以及它是否真的便宜，或者在接下來的幾周和幾個月裏，拋售是否會變得更糟。</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>圖片來源：Getty Images。</p>
<h2>Lululemon 的銷售受到打擊</h2>
<p>過去，Lululemon 是一隻令人着迷的服裝股票，因為它具有強勁的增長前景。但近年來，公司的銷售增長率顯著放緩。這可能是一個巨大的問題，特別是當投資者為股票支付溢價時。</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（季度同比增長）數據來自 YCharts</p>
<p>在截至 8 月 3 日的第二季度，Lululemon 的銷售同比僅增長 6.5%，達到 25 億美元。公司的收入略低於分析師的預期。北美的同店銷售下降了 4%。</p>
<p>在底線表現上並不算差，Lululemon 報告每股收益為 3.10 美元，遠超華爾街預期的 2.88 美元。但問題是，未來幾個季度的收益將會更糟，公司預計由於關税，當前財政年度的底線將受到 2.4 億美元的影響。首席執行官 Calvin McDonald 表示，&#34;增加的税率和取消最低免税額條款在我們年度指導的下調中起了很大作用。&#34;</p>
<h2>Lululemon 的估值看起來很誘人</h2>
<p>截至上週末，Lululemon 的股票自年初以來已暴跌 58%。這是一場災難性的表現，輕易導致股票創下新的 52 周低點。上一次它處於這些水平（約 160 美元）是在 2020 年，那時由於與疫情相關的擔憂，整個股市短暫崩潰。</p>
<p>根據收益，Lululemon 看起來可能是個便宜的交易。目前，該股票的前瞻市盈率（P/E）為 12，這基於分析師對公司未來一年表現的預期。考慮到 <strong>標準普爾 500</strong> 的平均股票前瞻市盈率超過 21，這個估值非常便宜。</p>
<h2>Lululemon 的股票今天值得冒險嗎？</h2>
<p>Lululemon 的股票目前處於多年來的低點，但這是有正當理由的。投資者擔心，在經濟條件嚴峻和消費者削減可自由支配支出的情況下，Lululemon 的業務在未來幾個季度可能面臨挑戰。關税加劇了這些擔憂。</p>
<p>鑑於對業務的不確定性，我會暫時不投資 Lululemon 的股票。它確實看起來便宜，但其高價服裝可能並不受歡迎。而且，考慮到快速時尚的上升趨勢和消費者選擇從在線零售商購買便宜產品，未來公司能否贏得客户也是一個值得討論的問題，這也可以解釋 Lululemon 近年來增長放緩的原因。公司已經面臨多年的逆境，儘管今年情況顯著惡化，但業務已經在放緩。</p>
<p>Lululemon 股票的拋售可能還沒有結束。考慮到業務仍然存在大量不確定性，投資者最好的選擇可能是採取觀望態度。</p>

露露樂蒙

<p>露露樂蒙的股票因經濟挑戰和關税相關問題大幅下跌，已達到多年來的低點。儘管銷售略有增長，但公司面臨可比門店銷售下滑以及預計本財年將遭受 2.4 億美元的收益損失。目前，股票的前瞻市盈率為 12，相較於標準普爾 500 指數的平均水平顯得被低估。然而，關於未來需求和快時尚競爭的擔憂表明，投資者在購買露露樂蒙股票之前應採取謹慎的態度</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>對於 <strong>Lululemon Athletica</strong>(LULU 1.51%) 的股票來説，這一年非常艱難。由於關税相關的逆風和其他經濟挑戰，公司的業務一直受到影響，股票也在自由下跌。公司不僅經歷了放緩，投資者也擔心接下來的幾個季度可能會更糟。</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>由於悲觀情緒和麪臨的種種逆境，Lululemon 的股票不僅跌至新的 52 周低點，還跌至多年來的低點。現在你可以以五年前的價格購買該股票，當時由於與疫情相關的擔憂而下跌。但大問題是你今天是否會想要購買它，以及它是否真的便宜，或者在接下來的幾周和幾個月裏，拋售是否會變得更糟。</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>圖片來源：Getty Images。</p>
</div><h2>Lululemon's sales have been taking a hit</h2>
<div class="lb-trans"><h2>Lululemon 的銷售受到打擊</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>過去，Lululemon 是一隻令人着迷的服裝股票，因為它具有強勁的增長前景。但近年來，公司的銷售增長率顯著放緩。這可能是一個巨大的問題，特別是當投資者為股票支付溢價時。</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（季度同比增長）數據來自 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 的銷售同比僅增長 6.5%，達到 25 億美元。公司的收入略低於分析師的預期。北美的同店銷售下降了 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>在底線表現上並不算差，Lululemon 報告每股收益為 3.10 美元，遠超華爾街預期的 2.88 美元。但問題是，未來幾個季度的收益將會更糟，公司預計由於關税，當前財政年度的底線將受到 2.4 億美元的影響。首席執行官 Calvin McDonald 表示，&#34;增加的税率和取消最低免税額條款在我們年度指導的下調中起了很大作用。&#34;</p>
</div><h2>Lululemon's valuation looks tempting</h2>
<div class="lb-trans"><h2>Lululemon 的估值看起來很誘人</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>截至上週末，Lululemon 的股票自年初以來已暴跌 58%。這是一場災難性的表現，輕易導致股票創下新的 52 周低點。上一次它處於這些水平（約 160 美元）是在 2020 年，那時由於與疫情相關的擔憂，整個股市短暫崩潰。</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>根據收益，Lululemon 看起來可能是個便宜的交易。目前，該股票的前瞻市盈率（P/E）為 12，這基於分析師對公司未來一年表現的預期。考慮到 <strong>標準普爾 500</strong> 的平均股票前瞻市盈率超過 21，這個估值非常便宜。</p>
</div><h2>Is Lululemon stock worth taking a chance on today?</h2>
<div class="lb-trans"><h2>Lululemon 的股票今天值得冒險嗎？</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 的股票目前處於多年來的低點，但這是有正當理由的。投資者擔心，在經濟條件嚴峻和消費者削減可自由支配支出的情況下，Lululemon 的業務在未來幾個季度可能面臨挑戰。關税加劇了這些擔憂。</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>鑑於對業務的不確定性，我會暫時不投資 Lululemon 的股票。它確實看起來便宜，但其高價服裝可能並不受歡迎。而且，考慮到快速時尚的上升趨勢和消費者選擇從在線零售商購買便宜產品，未來公司能否贏得客户也是一個值得討論的問題，這也可以解釋 Lululemon 近年來增長放緩的原因。公司已經面臨多年的逆境，儘管今年情況顯著惡化，但業務已經在放緩。</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 股票的拋售可能還沒有結束。考慮到業務仍然存在大量不確定性，投資者最好的選擇可能是採取觀望態度。</p>
</div>

露露樂蒙的股票價格自 2020 年以來從未如此低廉。現在是入手的好時機，還是它會繼續下跌？