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.
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.
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