UAE Equity Research - LuLu Retail Holding PLC 4Q25 - First Look Note
Added seven new stores in 4Q25, comprising two hypermarkets, four express stores and one mini market, increasing the total store count to 267 and adding 23,498 sqm of retail space. The Company’s average daily shoppers increased 26k YOY to 675k in 4Q25.
LuLu Retail’s revenue rose 2.4% YOY to USD 1,940 Mn in 4Q25, primarily supported by resilient trading in the UAE, Kuwait and Other operating segments, partially offset by a decline in KSA and Oman. Additionally, revenue from fresh food segments rose 3.5% YOY in 4Q25, while the e-commerce segment increased 51.8% YOY in 4Q25.
UAE Equity Research - LuLu Retail Holding PLC 3Q25 - First Look Note
The Company added six new stores with a total store count of 260 stores in 3Q25. Average daily shoppers increased 37k YOY to 668k in 3Q25. Cash conversion expanded from 77% in 3Q24 to 84% in 3Q25, due to strong cash discipline and operational efficiency.
LuLu Retail’s revenue rose 2.0% YOY to USD 1,896 Mn in 3Q25, primarily supported by the stable performance in the UAE and Kuwait. The Company opened six new stores in the UAE, KSA and Kuwait during 3Q25, which include one Hypermarket, three Express stores and two Mini markets.
UAE Equity Research - LuLu Retail Holding PLC 2Q25 - First Look Note
Added two retail stores with a total store count of 256 stores in 2Q25. Also added 9k square meter (SQM) of selling area with a total selling area of 1.35 Mn SQM. Revenue grew 4.6% YOY to USD 2,017 Mn in 2Q25, primarily supported by growth in LFL sales, strong e-commerce performance, robust demand for fresh food and electrical goods, private label contribution, and new store openings.
LuLu Retail’s revenue rose 4.6% YOY to USD 2,017 Mn in 2Q25, primarily supported by the growth in LFL sales and new store openings. The Company opened two new stores in the UAE during 2Q25, which include one Hypermarkets and one Express stores. Private label sales, the Company’s higher-margin segment, grew 3.5% YOY and contributed 29.7% to total retail revenue in 2Q25.
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