lululemon athletica inc.

For the period ended Feb 2, 2025. Filed Mar 27, 2025.

About this filing

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.

FY2025 · Filed Mar 27, 2025

LULU$112.53+1.6%Stored close · as of Nov 9, 2026

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Contents

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. The CODM approves the annual budget on a segment level, and regularly assesses the performance of the Company's segments using key financial metrics, including net revenue and segmented income from operations.

The Company reports three segments: Americas, China Mainland, and Rest of World, which is comprised of its non-significant operating segments APAC and EMEA reported on a combined basis. The Company does not report capital expenditures and assets by segment as that information is not reviewed by the CODM.

Americas · China Mainland · Rest of World · Total Segments · Corporate(1) · Total
(In thousands)
Net revenue	$7,928,156	$1,361,337	$1,298,633	$10,588,126		$—	$10,588,126
Product costs(2)	2,336,251	324,237	364,906	3,025,394		—	3,025,394
Other cost of sales(2)	641,699	198,373	217,536	1,057,608		234,313	1,291,921
Selling, general and administrative expenses	1,934,649	328,868	401,245	2,664,762		1,097,617	3,762,379
Amortization of intangible assets	—	—	—	—		2,735	2,735
Income from operations	$3,015,557	$509,859	$314,946	$3,840,362		$(1,334,665)	$2,505,697
Other income (expense), net					70,380
Income before income tax expense					$2,576,077
Supplemental information:
Depreciation and amortization(3)	$204,922	$33,206	$30,872	$269,000		$177,524	$446,524

Americas · China Mainland · Rest of World · Total Segments · Corporate(1) · Total
(In thousands)
Net revenue	$7,631,647	$963,760	$1,023,871	$9,619,278		$—	$9,619,278
Product costs(2)	2,283,490	241,663	316,542	2,841,695		23,709	2,865,404
Other cost of sales(2)	576,810	154,136	171,992	902,938		241,531	1,144,469
Selling, general and administrative expenses	1,834,163	230,645	333,505	2,398,313		998,905	3,397,218
Impairment of assets and restructuring costs	—	—	—	—		74,501	74,501
Amortization of intangible assets	—	—	—	—		5,010	5,010
Income from operations	$2,937,184	$337,316	$201,832	$3,476,332		$(1,343,656)	$2,132,676
Other income (expense), net					43,059
Income before income tax expense					$2,175,735
Supplemental information:
Depreciation and amortization(3)	$170,417	$25,746	$23,644	$219,807		$159,577	$379,384

Americas · China Mainland · Rest of World · Total Segments · Corporate(1) · Total
(In thousands)
Net revenue	$6,817,454	$576,503	$716,561	$8,110,518		$—	$8,110,518
Product costs(2)	2,236,509	134,810	235,084	2,606,403		62,928	2,669,331
Other cost of sales(2)	501,331	101,825	136,326	739,482		209,365	948,847
Selling, general and administrative expenses	1,575,874	143,003	241,947	1,960,824		796,623	2,757,447
Impairment of goodwill and other assets	—	—	—	—		407,913	407,913
Amortization of intangible assets	—	—	—	—		8,752	8,752
Gain on disposal of assets	—	—	—	—		(10,180)	(10,180)
Income from operations	$2,503,740	$196,865	$103,204	$2,803,809		$(1,475,401)	$1,328,408
Other income (expense), net					4,163
Income before income tax expense					$1,332,571
Supplemental information:
Depreciation and amortization(3)	$137,260	$17,842	$19,346	$174,448		$117,343	$291,791

(1)Corporate includes centrally managed support functions including product design, raw material development, product innovation, sourcing, supply chain, and global merchandising which are included in other cost of sales. Administrative corporate expenses include technology, brand and marketing, finance, human resources, legal, and other head office costs. An inventory obsolescence provision in relation to lululemon Studio of $23.7 million and $62.9 million in 2023 and 2022, respectively, is included within product costs.

(2)Please refer to Note 2. Summary of Significant Accounting Policies "Cost of goods sold" for a definition of product costs and other cost of sales.

(3)The amounts of depreciation and amortization disclosed by reportable segment are included within other cost of sales and selling, general and administrative expenses.

Long-lived assets, including property and equipment, net and right-of-use lease assets, by geographic area as of February 2, 2025 and January 28, 2024 were as follows:

	February 2, 2025	January 28, 2024
(In thousands)
United States	$1,788,554	$1,597,318
Canada	675,048	671,622
People's Republic of China	326,621	284,575
Other geographic areas	406,650	257,906
	$3,196,873	$2,811,421

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