Some retailers reported early holiday results, with Lululemon expecting its holiday quarter to be “toward the high end” of guidance. Birkenstock and Savers Value Village had lackluster results, while Abercrombie & Fitch cut guidance. American Eagle and Five Below raised guidance after exceeding expectations. Shares were slightly higher in premarket trading.

Lululemon expects fiscal Q4 revenue to be close to $3.60 billion and earnings close to $4.76 per share. The company made no changes to previous guidance for gross margin, tax rate, and expenses. Shares were slightly higher in premarket trading.

Abercrombie & Fitch shares dropped about 17% after cutting guidance, despite “record” sales. Full-year sales are expected to grow “at least 6%”, with operating margin around 13%. Earnings per share expected to be between $10.30 and $10.40.

Birkenstock expects sales to grow 11% to €402 million ($470 million) in the holiday quarter. Savers Value Village saw sales grow 8.4%, reaffirming fiscal 2025 outlooks. American Eagle reported strong holiday results, raising fourth-quarter operating income.

Five Below reported quarter-to-date sales up 23.2%, with comparable sales up 14.5%. Fiscal Q4 sales are expected to be around $1.71 billion, with earnings per share between $3.93 to $3.98. Adjusted earnings per share expected to be between $3.95 and $4.

Analysts expect solid but not overwhelming growth in holiday shopping season results, following the National Retail Federation’s forecast of 3.7% to 4.2% retail sales growth in Nov and Dec. Some expect flat volume growth due to higher prices from tariffs.

Read more at CNBC: Retail’s early holiday 2025 results show modest growth