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.
UAE Equity Research - LuLu Retail Holding PLC 1Q25 - First Look Note
Lulu’s revenue grew 7.3% YOY to USD 2,080 Mn in 1Q25. The Company added five new stores during 1Q25. EBITDA rose 6.5% YOY to USD 214 Mn in 1Q25, whereas EBITDA margin declined 7 bps YOY to 10.3% in 1Q25.
LuLu Retail’s revenue rose 7.3% YOY to USD 2,080 Mn in 1Q25, primarily supported by the growth in LFL sales supported by strong festive season, new store openings and higher sales volume across certain product categories.
1.21
