Vail Resorts, Inc. reported its third quarter fiscal 2025 earnings with a net income of $392.8 million, up from $362.0 million in the prior year, and a diluted earnings per share (EPS) of $10.54, beating estimates by $0.50. However, revenue came in at approximately $1.29 billion to $1.30 billion, slightly below sales expectations. The company experienced a 3.7% decline in skier visits during the quarter, marking the seventh consecutive decline since mid-2023, attributed to fewer day-ticket buyers. Despite lower visitation, strong spending from passholders and tight cost controls helped maintain solid financial results. Vail Resorts also announced a reduction in its full-year earnings forecast to a range of $848 million to $870 million, down from a previous low-end estimate of $854 million. This revision follows the recent return of Rob Katz as CEO. Additionally, the company plans to achieve $100 million in cost efficiencies moving forward. In related retail earnings, Genesco Inc., Tilly's, Inc., Guess?, Inc., and lululemon athletica inc. reported their first quarter results for fiscal years 2025 and 2026. Lululemon, scheduled to release its Q1 2025 results on June 5, 2025, has maintained consistent margins over the past eight quarters, with gross margins at 60.4% and net margins at 20.4% in Q4 2024. The company projects modest U.S. growth of 5-7% and strong growth in China at 25-30%. Options market data showed elevated implied volatility for Vail Resorts and lululemon ahead of their earnings releases.