Stock Analysis on Net
Stock Analysis on Net

lululemon athletica inc. (NASDAQ:LULU)

Common-Size Income Statement
Quarterly Data

lululemon athletica inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Aug 2, 2026 May 3, 2026 Feb 1, 2026 Nov 2, 2025 Aug 3, 2025 May 4, 2025 Feb 2, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Nov 1, 2020 Aug 2, 2020 May 3, 2020
Net revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -39.48 -45.83 -45.13 -44.43 -41.50 -41.66 -39.58 -41.52 -40.44 -42.28 -40.61 -42.99 -41.22 -42.48 -44.89 -44.05 -43.51 -46.05 -41.94 -42.82 -41.91 -42.90 -41.45 -43.86 -45.79 -48.71
Gross profit 60.52% 54.17% 54.87% 55.57% 58.50% 58.34% 60.42% 58.48% 59.56% 57.72% 59.39% 57.01% 58.78% 57.52% 55.11% 55.95% 56.49% 53.95% 58.06% 57.18% 58.09% 57.10% 58.55% 56.14% 54.21% 51.29%
Selling, general and administrative expenses -41.66 -42.89 -32.51 -38.51 -37.69 -39.77 -31.52 -37.96 -36.77 -38.14 -30.87 -38.24 -37.00 -37.36 -28.97 -36.85 -35.45 -37.67 -30.15 -37.58 -37.32 -40.49 -31.50 -36.84 -39.08 -45.95
Impairment of assets and restructuring costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -3.38 0.00 0.00 -14.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Amortization of intangible assets -0.08 -0.08 -0.05 -0.07 -0.07 -0.07 -0.04 -0.05 0.00 0.00 0.00 -0.06 -0.09 -0.09 -0.08 -0.12 -0.12 -0.14 -0.10 -0.15 -0.15 -0.18 -0.13 -0.20 -0.08 0.00
Acquisition-related expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07 -1.66 -0.56 -0.62 -0.45 -0.76 -1.27 -0.31
Gain on disposal of assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income from operations 18.78% 11.21% 22.31% 16.99% 20.74% 18.50% 28.86% 20.47% 22.78% 19.59% 28.51% 15.34% 21.69% 20.06% 11.34% 18.98% 21.47% 16.14% 27.74% 17.78% 20.06% 15.80% 26.48% 18.34% 13.78% 5.02%
Other income (expense), net 0.57 0.37 0.03 0.23 0.39 0.50 0.43 0.57 0.76 1.05 0.56 0.45 0.33 0.40 0.13 0.02 0.01 0.00 0.01 0.00 0.01 0.02 -0.05 -0.05 -0.04 0.18
Income before income tax expense 19.35% 11.57% 22.34% 17.22% 21.13% 19.00% 29.28% 21.05% 23.54% 20.64% 29.07% 15.79% 22.03% 20.46% 11.48% 19.00% 21.48% 16.13% 27.75% 17.79% 20.07% 15.82% 26.42% 18.29% 13.74% 5.20%
Income tax expense -5.72 -3.68 -6.22 -5.26 -6.44 -5.73 -8.56 -6.36 -6.97 -6.09 -8.18 -4.50 -6.56 -5.95 -7.15 -5.24 -5.99 -4.36 -7.34 -4.84 -5.73 -4.00 -7.35 -5.43 -4.13 -0.81
Net income 13.63% 7.89% 16.12% 11.96% 14.69% 13.27% 20.72% 14.68% 16.57% 14.55% 20.89% 11.28% 15.46% 14.51% 4.32% 13.76% 15.50% 11.78% 20.41% 12.95% 14.34% 11.82% 19.07% 12.85% 9.61% 4.39%

Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).

An analysis of the common-size income statement reveals a general trend of margin expansion and operational volatility over the observed period. The company has demonstrated a consistent ability to maintain high gross margins while experiencing periodic fluctuations in operating expenses and net profitability.

Gross Profitability Trends
Gross profit margins have shown a sustained upward trajectory, rising from a low of 51.29% in May 2020 to peaks exceeding 60% by February 2025 and August 2026. This growth is mirrored by a corresponding decrease in the cost of goods sold, which shifted from approximately 48.71% of net revenue at the start of the period to a low of 39.48% by August 2026. This pattern suggests improved pricing power and enhanced production efficiencies.
Operating Expense Analysis
Selling, general, and administrative (SG&A) expenses exhibit significant quarterly volatility. These costs fluctuated between a low of approximately 29% and a high of nearly 46% of net revenue. A notable pattern of cyclical spikes is observed, particularly in the May quarters of various years, suggesting seasonal increases in marketing or operational spending. Additionally, significant one-time impacts occurred due to impairment of assets and restructuring costs, most notably in January 2023, where such expenses consumed 14.72% of net revenue.
Operating and Net Income Performance
Income from operations has been highly variable, reflecting the interplay between stable gross profits and volatile SG&A expenses. Operating margins reached their lowest point of 5.02% in May 2020 and peaked at 28.86% in February 2025. Net income margins generally follow this trend, typically oscillating between 11% and 21%. The most significant contraction in net income occurred in January 2023, dropping to 4.32% as a direct result of the aforementioned restructuring charges.
Taxation and Other Income
Income tax expenses have remained relatively consistent as a percentage of revenue, typically ranging between 3.6% and 8.5%. Other income has remained a marginal contributor to the overall financial structure, generally contributing less than 1% of net revenue, though a slight upward trend in other income is observable from 2022 through 2024.

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