lululemon athletica inc
For the period ended Jan 28, 2024. Filed Mar 21, 2024.
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FY2024 · Filed Mar 21, 2024
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Segmented Information
Note 23. Segmented Information
The Company's segments are based on the financial information the CODM, who is the Chief Executive Officer, uses to evaluate performance and allocate resources.
During the fourth quarter of 2023, the financial information the CODM regularly uses to evaluate performance and allocate resources was revised. As the Company has further executed on its omni-channel retail strategy, and with the continued expansion of its international operations, the CODM has shifted resource allocation decisions to be focused by regional market, rather than by selling channel. This resulted in a change in the Company's operating segments.
As of January 28, 2024, the Company reports three segments, Americas, China Mainland, and Rest of World, which is APAC and EMEA on a combined basis. The Company does not report capital expenditures and assets by segment as that information is not reviewed by the CODM.
Previously, the Company's segments were comprised of company-operated stores, direct to consumer (or "e-commerce"), and other. The Company has restated the prior period information to reflect its new segments.
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| (In thousands) | |||
| Net revenue: | |||
| Americas | $7,631,647 | $6,817,454 | $5,299,906 |
| China Mainland | 963,760 | 576,503 | 434,261 |
| Rest of World | 1,023,871 | 716,561 | 522,450 |
| $9,619,278 | $8,110,518 | $6,256,617 | |
| Segmented income from operations: | |||
| Americas | $2,937,184 | $2,503,740 | $1,867,016 |
| China Mainland | 337,316 | 196,865 | 167,318 |
| Rest of World | 201,832 | 103,204 | 67,674 |
| 3,476,332 | 2,803,809 | 2,102,008 | |
| General corporate expenses | 1,240,436 | 1,005,988 | 718,477 |
| lululemon Studio obsolescence provision | 23,709 | 62,928 | — |
| Impairment of goodwill and other assets, restructuring costs | 74,501 | 407,913 | — |
| Amortization of intangible assets | 5,010 | 8,752 | 8,782 |
| Acquisition-related expenses | — | — | 41,394 |
| Gain on disposal of assets | — | (10,180) | — |
| Income from operations | 2,132,676 | 1,328,408 | 1,333,355 |
| Other income (expense), net | 43,059 | 4,163 | 514 |
| Income before income tax expense | $2,175,735 | $1,332,571 | $1,333,869 |
| Depreciation and amortization: | |||
| Americas | $170,417 | $137,260 | $121,278 |
| China Mainland | 25,746 | 17,842 | 12,208 |
| Rest of World | 23,644 | 19,346 | 16,829 |
| Corporate | 159,577 | 117,343 | 73,891 |
| $379,384 | $291,791 | $224,206 | |
Long-lived assets, including property and equipment, net and right-of-use lease assets, by geographic area as of January 28, 2024 and January 29, 2023 were as follows:
| January 28, 2024 | January 29, 2023 | |
|---|---|---|
| (In thousands) | ||
| United States | $1,597,318 | $1,175,317 |
| Canada | 671,622 | 601,756 |
| People's Republic of China | 284,575 | 233,590 |
| Other geographic areas | 257,906 | 228,370 |
| $2,811,421 | $2,239,033 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.