Common-Size Income Statement
Quarterly Data
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2008
- Return on Assets (ROA) since 2008
- Price to Earnings (P/E) since 2008
- Analysis of Revenues
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lululemon athletica inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-02-02), 10-Q (reporting date: 2019-11-03), 10-Q (reporting date: 2019-08-04), 10-Q (reporting date: 2019-05-05).
- Gross Profit and Cost of Goods Sold Trends
- The gross profit margin as a percentage of net revenue shows notable variation over the examined quarters. Initially, gross profit remained above 53%, reaching a peak near 59.4% in early 2024, indicating effective cost control and pricing strategies at that time. Correspondingly, the cost of goods sold (COGS) fluctuated inversely, ranging from approximately -39.6% to -48.7% of net revenue. A significant increase in COGS was observed around May 2020, reaching about -48.71%, which contributed to the lowest gross profit margin during that period. Following that, margins normalized with a trend toward improved gross profitability.
- Operating Expenses Behavior
- Selling, general, and administrative (SG&A) expenses exhibited considerable fluctuations relative to net revenue. Notably, SG&A was lower in certain quarters such as February 2020 and January 2021, dropping near -28% of net revenue, while other periods saw an increase exceeding -40%. Such variability suggests shifts in operational efficiency, cost management, or investments in growth activities. The presence of impairment and restructuring costs in the quarter ending January 2023 had a pronounced adverse effect, with a recorded impact of around -14.7% of net revenue.
- Non-Recurring and Other Expenses
- Amortization of intangible assets remained a minor expense, consistently below -0.2%, indicating limited impact on overall profitability. Acquisition-related expenses appeared sporadically, peaking around -1.66% in late 2021, emphasizing occasional costs linked to strategic transactions. Gains on disposal of assets were only recorded once in early 2022, providing a small positive contribution.
- Operating Income Analysis
- Income from operations displayed significant swings, ranging from roughly 5% to nearly 30% of net revenue. The lowest operating income percentage occurred in May 2020, coincident with elevated COGS and SG&A expenses. Conversely, quarters such as February 2020 and early 2024 demonstrated strong operating leverage. This volatility reflects the interplay between revenue, direct costs, and operating expenses.
- Other Income and Income Before Tax
- Other income or expense remained marginal but trended positively in the later quarters, rising to about 1.05% of net revenue in early 2024. Income before income tax closely followed operating income trends, indicating limited influence from non-operating activities.
- Tax Expense and Net Income Performance
- Income tax expense fluctuated between approximately -0.8% and -8.6% of net revenue, generally increasing in higher income periods. Net income margins followed a similar pattern to income from operations but were consistently lower by several percentage points due to tax impacts. Net income dipped sharply in May 2020 (near 4.4%) but recovered thereafter, with the highest margin above 20% in both February 2020 and early 2024, reflecting the company's ability to restore profitability after the period of heightened expenses.
- Overall Observations
- The data reveals cyclical fluctuations in costs and expenses leading to variable profitability levels. The quarter in May 2020 marks an inflection point with elevated costs and reduced margins, possibly linked to external disruptions. Subsequent quarters show recovery and operational improvements. The trends emphasize the importance of cost management and the company’s resilience in restoring strong earnings in post-disruption periods.