lululemon athletica inc.
For the period ended Feb 1, 2026. Filed Mar 17, 2026.
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FY2026 · Filed Mar 17, 2026
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Intangible Assets
Note 9. Intangible Assets
A summary of the intangible asset balances is presented below:
| Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Remaining Useful Life (Years) | |
|---|---|---|---|---|
| (In thousands, except in years) | ||||
| Franchise rights | 16,965 | (10,682) | 6,283 | 0.8 |
| Intangible assets | $16,965 | $(10,682) | $6,283 | 0.8 |
| Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Remaining Useful Life (Years) | |
|---|---|---|---|---|
| (In thousands, except in years) | ||||
| Franchise rights | 14,325 | (2,652) | 11,673 | 1.8 |
| Other | 270 | (270) | — | n/a |
| Intangible assets | $14,595 | $(2,922) | $11,673 | 1.8 |
As part of the acquisition of the Mexico operations in 2024, the Company recognized intangible assets related to reacquired franchise rights, which are being amortized until November 2026. Please refer to Note 7. Acquisition for further information.
Amortization of intangible assets was $7.0 million, $2.7 million, and $5.0 million in 2025, 2024, and 2023, respectively. Future expected amortization expense as of February 1, 2026 is $6.3 million for 2026.
During 2023, the Company recognized intangible asset impairment charges of $17.0 million. These impairment charges related to the intangible assets that were recognized on the acquisition of MIRROR. Please refer to Note 10. Impairment of Assets and Restructuring Costs for further information.
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