Lulu Retail Holdings’ revenue for the first nine months of 2025 touched US$6 billion, an increase of 4.7 per cent YoY, while its third quarter revenue of US$1.896 billion was nearly 2 per cent up from the same period last year.
EBITDA for 9M 2025 increased to US$598 million, up 5.5% YoY and margins improved by 8bps over the prior period. Net profit from continuing operations increased 7.5 per cent to US$163 million.
The company said 9M 2025 margins benefited from a 6.4 per cent growth in private-label business, as customers continue to seek value products. Lulu’s emphasis on online sales is paying off as Q3 e-commerce channel revenues increased 32.4 per cent compared to last year.
Gross profit increased 3.1 per cent in Q3 2025 to US$449 million. This exceeded the revenue growth rate as gross margin increased 26 basis points with strong growth in the high-margin fresh food category.
Saifee Rupawala, Chief Executive Officer of Lulu Retail, commented: “Amidst a challenging grocery retail environment, Lulu continues to show resilience as we execute on our growth strategy. Year-on-year customer count growth of almost 5 per cent demonstrates the strong appetite for Lulu’s value-to-premium offering. Nine months into the year, our store rollout programme remains on track and like-for-like sales are positive in all our countries except Bahrain.
“As customer preference for online channels continues to grow, Lulu is investing in our e-commerce offering and scaling it at a rapid rate. Furthermore, we are evolving our customer offering with a trend towards smaller stores and a disciplined rollout programme.
“Combined with internal efficiency measures, the decisions we are taking today will help us to continue to be the leading pan-GCC full-line retailer in the years to come.”
The company’s balance sheet remains stable and strong. Net debt of US$2.6 billion equates to an overall net debt/EBITDA position of 3.2x and 1.4x excluding lease liabilities, which is similar to prior periods.
During Q3 2025, Lulu opened one hypermarket, three express and two mini markets in the UAE, KSA and Kuwait, adding a total retail space of 18,047 square meters. This takes Lulu’s total retail space gross additions to approximately 49,428 square meters during 2025. Three stores were opened in October and a further four are schedule for November and December, taking total openings to 20 for the year.
Lulu has reviewed its opening programme over the next three years and is aiming to 50 openings, split roughly equally between the UAE, KSA and other GCC markets.
Follow us on
