Analysis of Inventory
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Inventory Disclosure
lululemon athletica inc., balance sheet: inventory
US$ in thousands
| Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Inventories, at cost | |||||||||||||
| Inventory provisions and reserves | |||||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02).
The analysis of the inventory-related financial data over the six-year period reveals several notable trends and patterns.
- Inventories, at cost
- The inventory value at cost has shown a consistent upward trajectory from February 2020 through February 2025. Starting at approximately 540.6 million USD in early 2020, the inventory value more than doubled by January 2023, reaching about 1.57 billion USD. After peaking in 2023, the inventory value experienced a slight decrease in 2024 before increasing again in 2025 to roughly 1.53 billion USD. This upward movement reflects an overall expansion in stock levels held by the company.
- Inventory provisions and reserves
- The provisions and reserves against inventory have also increased in magnitude, though these are represented as negative numbers. Beginning with a provision of about 22.1 million USD in early 2020, the amount increased steadily each year, reaching a significant peak of approximately 141.5 million USD in January 2024. However, in the latest period, this figure decreased to near 83.9 million USD in February 2025. The general increase followed by a reduction suggests initial growing concerns regarding obsolete or slow-moving stock, partially alleviated in the most recent year.
- Inventories (net of provisions)
- When considering net inventories (inventories at cost less provisions), the trend mirrors that of gross inventories, with a strong upward trend from about 518.5 million USD in 2020 to a peak of approximately 1.45 billion USD in 2023. There was a decline in January 2024, followed by a rebound in February 2025 nearing 1.44 billion USD. The stability and recovery in net inventories despite the fluctuating provisions indicate effective management of inventory quality and risk.
Overall, the data demonstrates substantial growth in inventory levels over the analyzed period, indicating scaling of operations or stock accumulation. The increasing provisions through most years highlight rising inventory risk or obsolescence concerns, though the recent decline in provisions points towards improving inventory management or write-offs. The net inventory figures maintain a rising trend, consistent with a growing business scale but with an apparent effort to control inventory risks in the latest period.