UAE Equity Research - LuLu Retail Holding PLC 3Q26 - First Look Note
Added five new stores in 3Q26, comprising two Hypermarkets, two Express stores and one Mini Market, increasing the total store count to 288 and adding 18,776 sqm of retail space. Happiness loyalty membership increased by nearly 590k during 3Q26 to 10.0 Mn, with loyalty-linked sales accounting for c. 70% of retail sales.
Lulu Retail’s revenue increased 2.0% YOY to USD 1,935 Mn in 3Q26, supported by growth in food sales, new store openings, continued e-commerce growth and higher wholesale sales, partially offset by lower non-food sales amid weak consumer sentiment, although non-food trends improved compared with 2Q26.
UAE Equity Research - LuLu Retail Holding PLC 2Q26 - First Look Note
Added six new stores in 2Q26, comprising five Mini Markets and one Express store, increasing the total store count to 283 and adding 2,997 sqm of retail space. Lulu’s customer count increased by 5k during 2Q26 to c. 695k, reflecting continued traction across markets.
LuLu Retail’s revenue declined 2.3% YOY to USD 1,971 Mn in 2Q26, driven by lower non-food sales, particularly in discretionary categories, amid weaker consumer sentiment, partially offset by growth in food sales, which was further supported by new store openings and strong e-commerce growth.
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.
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