lululemon athletica inc
For the period ended Jan 28, 2024. Filed Mar 21, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 21, 2024
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Property and Equipment
Note 5. Property and Equipment
| January 28, 2024 | January 29, 2023 | |
|---|---|---|
| (In thousands) | ||
| Land | $79,498 | $80,692 |
| Buildings | 29,032 | 28,850 |
| Leasehold improvements | 1,006,926 | 818,071 |
| Furniture and fixtures | 156,656 | 144,572 |
| Computer hardware | 176,597 | 166,768 |
| Computer software | 1,032,567 | 742,295 |
| Equipment and vehicles | 34,017 | 30,766 |
| Work in progress | 247,943 | 244,898 |
| Property and equipment, gross | 2,763,236 | 2,256,912 |
| Accumulated depreciation | (1,217,425) | (987,298) |
| Property and equipment, net | $1,545,811 | $1,269,614 |
Depreciation expense related to property and equipment was $374.0 million, $282.7 million, and $215.3 million for 2023, 2022, and 2021, respectively.
During the second quarter of 2022, the Company completed the sale of an administrative office building, which resulted in a pre-tax gain of $10.2 million. The income tax effect of the gain on disposal of assets was an expense of $1.7 million.
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