Stock Analysis on Net
Stock Analysis on Net

lululemon athletica inc. (NASDAQ:LULU)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

lululemon athletica inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Feb 2, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020
Accounts payable 3.57 4.91 3.08 5.86 4.12 2.44
Accrued operating expenses 2.19 1.78 3.02 2.36 1.71 1.32
Forward currency contract liabilities 0.98 0.04 0.46 0.38 0.45 0.06
Sales return allowances 0.97 0.87 0.99 0.84 0.78 0.39
Accrued freight 0.70 0.58 1.03 1.44 0.61 0.00
Accrued duty 0.60 0.36 0.38 0.55 0.42 0.49
Accrued digital marketing 0.60 0.29 0.00 0.00 0.00 0.00
Accrued capital expenditures 0.48 0.45 0.35 0.19 0.21 0.17
Accrued rent 0.24 0.18 0.22 0.23 0.20 0.25
Sales tax collected 0.22 0.04 0.36 0.27 0.36 0.53
Other 0.38 0.31 0.32 0.41 0.68 0.41
Accrued liabilities and other 7.36% 4.91% 7.12% 6.69% 5.42% 3.63%
Accrued compensation and related expenses 2.69 4.60 4.43 4.15 3.11 4.07
Current operating lease liabilities 3.62 3.51 3.71 3.82 3.97 3.92
Current income taxes payable 2.41 0.17 3.11 2.71 0.20 0.81
Unredeemed gift card liability 4.06 4.32 4.49 4.21 3.72 3.67
Other current liabilities 0.49 0.57 0.68 0.99 0.56 0.38
Current liabilities 24.20% 23.00% 26.61% 28.43% 21.10% 18.91%
Non-current operating lease liabilities 17.11 16.27 15.38 14.00 15.11 18.63
Non-current income taxes payable 0.00 0.22 0.51 0.77 1.03 1.47
Deferred income tax liabilities 1.29 0.42 0.98 1.08 1.40 1.32
Other non-current liabilities 0.54 0.41 0.36 0.28 0.21 0.17
Non-current liabilities 18.93% 17.32% 17.23% 16.13% 17.76% 21.60%
Total liabilities 43.13% 40.33% 43.84% 44.56% 38.87% 40.51%
Undesignated preferred stock, $0.01 par value; none issued and outstanding 0.00 0.00 0.00 0.00 0.00 0.00
Exchangeable stock, no par value 0.00 0.00 0.00 0.00 0.00 0.00
Special voting stock, $0.000005 par value 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.005 par value 0.01 0.01 0.01 0.01 0.01 0.02
Additional paid-in capital 8.39 8.11 8.47 8.55 9.29 10.84
Retained earnings 54.05 55.28 52.19 50.84 56.06 55.48
Accumulated other comprehensive loss -5.58 -3.73 -4.50 -3.96 -4.23 -6.84
Stockholders’ equity 56.87% 59.67% 56.16% 55.44% 61.13% 59.49%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Current Liabilities
The proportion of current liabilities relative to total liabilities and stockholders' equity increased notably from 18.91% in early 2020 to a peak of 28.43% in early 2022, before declining to 23% in 2024 and slightly rising again to 24.2% in 2025. Within current liabilities, accounts payable showed volatility, rising from 2.44% in 2020 to 5.86% in 2022, then decreasing to 3.57% in 2025. Accrued operating expenses steadily increased until 2023, followed by a dip and recovery thereafter. Sales return allowances and accrued freight also showed increases initially, followed by some moderation in later years. Accrued digital marketing liabilities emerged only from 2024, increasing by 2025. Current income taxes payable fluctuated significantly, peaking at 3.11% in 2023 and lowering again by 2024 with another rise in 2025. Unredeemed gift card liabilities remained relatively stable, representing around 3.6% to 4.5% across the period.
Non-Current Liabilities
Non-current liabilities as a share of total liabilities and equity declined from 21.6% in 2020 to a low of 16.13% in 2022, then increased to 18.93% by 2025. Non-current operating lease liabilities declined from 18.63% in 2020 to 14% in 2022 but then steadily increased again through 2025. Non-current income taxes payable declined continuously through 2024 before being unreported in 2025. Deferred income tax liabilities showed a decreasing trend from 2020 through 2024 but increased again in 2025. Other non-current liabilities grew modestly over the years.
Total Liabilities
Total liabilities as a proportion of total liabilities and stockholders' equity varied between 38.87% and 44.56%, peaking in 2022, declining by 2024, and increasing again in 2025. This indicates some fluctuation in leverage but with an overall pattern of moderate variability around the low 40 percent range.
Stockholders’ Equity
Stockholders’ equity maintained a majority share of the total capital structure, fluctuating between 55.44% and 61.13%. It decreased notably in 2022 to below 56%, but recovered by 2024 to nearly 60%, followed by a decline to 56.87% in 2025. Retained earnings formed the largest portion of equity and followed similar trend patterns, dipping notably in 2022 and recovering somewhat in later years. Additional paid-in capital decreased steadily from 10.84% in 2020 to around 8.1%-8.4% in later years. Accumulated other comprehensive loss showed some volatility but remained negative throughout, indicating persistent accumulated losses impacting equity.
Observations on Individual Liabilities
Several accrued items such as accrued compensation and expenses, accrued capital expenditures, and accrued rent have shown fluctuations but largely remain stable as a percentage of total liabilities and equity. The emergence and growth of accrued digital marketing liabilities in later years reflect increased marketing commitments or spending. The relative decline in sales tax collected suggests either operational shifts or tax-related changes.
Overall Capital Structure and Trends
The overall capital structure exhibits a balance tilted toward equity, which ranges from roughly 55% to 61% across the years. The modest fluctuations in both liabilities and equity components suggest ongoing adjustments in financing and operational activities but no extreme shifts in risk profile or capital sourcing. The lease liabilities indicate a significant, though somewhat varying, commitment to operating leases that remain a meaningful part of non-current liabilities.