Analysis of Geographic Areas
lululemon athletica inc. operates in 4 regions: United States; Canada; People’s Republic of China; and Other geographic areas.
Area Asset Turnover
lululemon athletica inc., asset turnover by geographic area
| Feb 1, 2026 | Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 3.16 | 3.62 | 3.97 | 4.81 | — | — |
| Canada | 1.77 | 2.09 | 1.91 | 1.93 | — | — |
| People’s Republic of China | 4.87 | 4.72 | 3.99 | 2.92 | — | — |
| Other geographic areas | 3.06 | 2.83 | 3.31 | 2.68 | — | — |
Based on: 10-K (reporting date: 2026-02-01), 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).
An examination of area asset turnover reveals distinct trends across the reported geographic regions between 2023 and 2026. The United States demonstrates a consistent decline in asset turnover, while the People’s Republic of China exhibits a contrasting upward trend. Canada and other geographic areas show more moderate fluctuations.
- United States
- Asset turnover in the United States decreased steadily from 4.81 in 2023 to 3.16 in 2026. This represents a reduction of approximately 34.3% over the four-year period, suggesting a decreasing efficiency in utilizing assets to generate sales within this region. The rate of decline appears to be accelerating, with a larger decrease between 2024 and 2025 (0.35) than between 2023 and 2024 (0.84).
- Canada
- Canada’s asset turnover remained relatively stable between 2023 and 2024, at 1.93 and 1.91 respectively. A slight increase was observed in 2025 to 2.09, followed by a decrease to 1.77 in 2026. Overall, the change from 2023 to 2026 is a decrease of approximately 8.3%, indicating a modest reduction in asset utilization efficiency.
- People’s Republic of China
- The People’s Republic of China experienced a significant increase in asset turnover, rising from 2.92 in 2023 to 4.87 in 2026. This represents an increase of approximately 66.8% over the period, indicating a substantial improvement in the efficiency of asset utilization in this region. The growth rate appears to be slowing, with smaller increases observed between 2025 and 2026 (0.15) compared to the prior year (0.73).
- Other geographic areas
- Asset turnover in other geographic areas increased from 2.68 in 2023 to 3.31 in 2024, then decreased to 2.83 in 2025, and finally increased to 3.06 in 2026. This suggests some volatility in asset utilization within these regions, but a net increase of approximately 14.2% from 2023 to 2026. The fluctuations suggest potential regional variations within this aggregated category.
In summary, the geographic areas demonstrate differing performance in asset turnover. The United States shows declining efficiency, while the People’s Republic of China demonstrates substantial improvement. Canada and other geographic areas exhibit more moderate and fluctuating trends.
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Area Asset Turnover: United States
lululemon athletica inc.; United States; area asset turnover calculation
| Feb 1, 2026 | Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | 6,328,380) | 6,483,183) | 6,346,392) | 5,654,343) | —) | —) |
| Long-lived assets | 2,004,523) | 1,788,554) | 1,597,318) | 1,175,317) | —) | —) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 3.16 | 3.62 | 3.97 | 4.81 | — | — |
Based on: 10-K (reporting date: 2026-02-01), 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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= 6,328,380 ÷ 2,004,523 = 3.16
Analysis of the provided financial information reveals a declining trend in area asset turnover for the United States segment between 2023 and 2026. This is accompanied by increasing long-lived assets and growing net revenue, though the rate of revenue growth appears to be slowing.
- Area Asset Turnover
- The area asset turnover ratio decreased consistently over the analyzed period. It began at 4.81 in 2023, fell to 3.97 in 2024, then further declined to 3.62 in 2025, and finally reached 3.16 in 2026. This indicates a diminishing efficiency in generating net revenue from long-lived assets within the United States.
- Net Revenue
- Net revenue exhibited growth from 2023 to 2025, increasing from US$5,654,343 thousand to US$6,483,183 thousand. However, revenue experienced a slight decrease in 2026, settling at US$6,328,380 thousand. While still higher than the 2023 level, the rate of growth has demonstrably slowed and reversed in the most recent year.
- Long-Lived Assets
- Long-lived assets have increased steadily throughout the period. Starting at US$1,175,317 thousand in 2023, they rose to US$1,597,318 thousand in 2024, US$1,788,554 thousand in 2025, and reached US$2,004,523 thousand in 2026. This consistent increase in asset base, coupled with the declining asset turnover, suggests that the company is investing in more assets but realizing diminishing returns in terms of revenue generation from those assets.
The combination of increasing long-lived assets and decreasing area asset turnover warrants further investigation. Potential factors contributing to this trend could include increased competition, shifts in consumer demand, or inefficiencies in asset utilization. The slight revenue decline in 2026 further emphasizes the need to understand the drivers behind these changes.
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Area Asset Turnover: Canada
lululemon athletica inc.; Canada; area asset turnover calculation
| Feb 1, 2026 | Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | 1,423,178) | 1,411,673) | 1,285,255) | 1,163,111) | —) | —) |
| Long-lived assets | 802,444) | 675,048) | 671,622) | 601,756) | —) | —) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 1.77 | 2.09 | 1.91 | 1.93 | — | — |
Based on: 10-K (reporting date: 2026-02-01), 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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= 1,423,178 ÷ 802,444 = 1.77
Analysis of the provided financial information reveals trends in Canada’s area asset turnover alongside associated revenue and long-lived asset values. Over the observed period, net revenue consistently increased, while long-lived assets also generally increased, though with some fluctuation in the turnover ratio.
- Net Revenue
- Net revenue originating from Canada demonstrated a consistent upward trajectory. Revenue increased from US$1,163,111 thousand in 2023 to US$1,423,178 thousand in 2026, indicating sustained growth in sales within the region.
- Long-Lived Assets
- Long-lived assets in Canada also exhibited an overall increasing trend. From US$601,756 thousand in 2023, these assets grew to US$802,444 thousand in 2026. However, the rate of increase was not constant, with a smaller increase observed between 2024 and 2025 compared to other periods.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency with which assets are used to generate revenue, fluctuated over the period. The ratio was 1.93 in 2023, decreased slightly to 1.91 in 2024, then increased to 2.09 in 2025. A subsequent decrease was observed in 2026, with the ratio falling to 1.77. This suggests a peak in asset utilization efficiency in 2025, followed by a decline in 2026 despite continued revenue growth. The decrease in 2026, coupled with the increase in long-lived assets, indicates that the company may be investing in assets that have not yet translated into proportional revenue gains.
The increasing revenue suggests a healthy market for the company’s products in Canada. However, the fluctuating asset turnover ratio warrants further investigation to understand the drivers behind the 2026 decline and to optimize asset allocation for improved efficiency.
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Area Asset Turnover: People’s Republic of China
lululemon athletica inc.; People’s Republic of China; area asset turnover calculation
| Feb 1, 2026 | Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | 1,953,878) | 1,541,429) | 1,134,293) | 681,633) | —) | —) |
| Long-lived assets | 400,902) | 326,621) | 284,575) | 233,590) | —) | —) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 4.87 | 4.72 | 3.99 | 2.92 | — | — |
Based on: 10-K (reporting date: 2026-02-01), 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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= 1,953,878 ÷ 400,902 = 4.87
The area asset turnover for the People’s Republic of China demonstrates a consistent upward trend from 2023 through the projected period of 2026. This indicates increasing efficiency in asset utilization within this geographic area. Simultaneously, both net revenue and long-lived assets have increased significantly over the same timeframe, suggesting growth in the region’s operations.
- Net Revenue
- Net revenue in the People’s Republic of China experienced substantial growth, rising from US$681.633 million in 2023 to a projected US$1.953878 million in 2026. This represents a significant increase in sales within the region.
- Long-Lived Assets
- Long-lived assets in the People’s Republic of China also increased steadily, moving from US$233.590 million in 2023 to a projected US$400.902 million in 2026. This growth in assets likely supports the expansion of operations and revenue generation.
- Area Asset Turnover
- The area asset turnover ratio increased from 2.92 in 2023 to 3.99 in 2024, then continued to rise to 4.72 in 2025 and is projected to reach 4.87 in 2026. This positive trend suggests that the company is becoming increasingly effective at generating revenue from its asset base in the People’s Republic of China. The rate of increase appears to be moderating between 2025 and 2026, although the ratio continues to improve.
The concurrent increases in net revenue, long-lived assets, and area asset turnover suggest a healthy and efficient expansion of operations in the People’s Republic of China. The increasing asset turnover ratio, despite the growth in long-lived assets, is a positive indicator of improved operational performance.
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Area Asset Turnover: Other geographic areas
lululemon athletica inc.; Other geographic areas; area asset turnover calculation
| Feb 1, 2026 | Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | 1,397,164) | 1,151,841) | 853,338) | 611,431) | —) | —) |
| Long-lived assets | 456,032) | 406,650) | 257,906) | 228,370) | —) | —) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 3.06 | 2.83 | 3.31 | 2.68 | — | — |
Based on: 10-K (reporting date: 2026-02-01), 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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= 1,397,164 ÷ 456,032 = 3.06
Analysis of the provided financial information reveals a fluctuating trend in area asset turnover alongside increasing net revenue and long-lived assets. The period examined spans from January 31, 2021, to February 1, 2026, with complete figures beginning in 2023.
- Net Revenue
- Net revenue demonstrates consistent growth throughout the observed period. Starting at US$611,431 thousand in 2023, it increased to US$853,338 thousand in 2024, US$1,151,841 thousand in 2025, and reached US$1,397,164 thousand in 2026. This indicates expanding sales within the geographic areas considered.
- Long-Lived Assets
- Long-lived assets also exhibit a pattern of growth, though at a potentially slower pace than net revenue. From US$228,370 thousand in 2023, these assets rose to US$257,906 thousand in 2024, US$406,650 thousand in 2025, and US$456,032 thousand in 2026. This suggests continued investment in the infrastructure supporting operations within these areas.
- Area Asset Turnover
- The area asset turnover ratio initially increased from 2.68 in 2023 to 3.31 in 2024, indicating improved efficiency in generating revenue from long-lived assets. However, the ratio decreased to 2.83 in 2025 before rising again to 3.06 in 2026. This fluctuation suggests a dynamic relationship between revenue generation and asset utilization. While the 2026 ratio remains above the 2023 level, the interim decline warrants further investigation to understand the underlying drivers. The increase in long-lived assets in 2025 and 2026 may be contributing to the fluctuations in the asset turnover ratio.
In summary, the geographic areas analyzed demonstrate revenue growth coupled with increasing asset investment. The area asset turnover ratio shows initial improvement followed by a slight decline and subsequent recovery, suggesting a complex interplay between revenue generation and asset management strategies.
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Net revenue
lululemon athletica inc., net revenue by geographic area
US$ in thousands
| Feb 1, 2026 | Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 6,328,380) | 6,483,183) | 6,346,392) | 5,654,343) | —) | —) |
| Canada | 1,423,178) | 1,411,673) | 1,285,255) | 1,163,111) | —) | —) |
| People’s Republic of China | 1,953,878) | 1,541,429) | 1,134,293) | 681,633) | —) | —) |
| Other geographic areas | 1,397,164) | 1,151,841) | 853,338) | 611,431) | —) | —) |
| Total | 11,102,600) | 10,588,126) | 9,619,278) | 8,110,518) | —) | —) |
Based on: 10-K (reporting date: 2026-02-01), 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).
Net revenue demonstrates consistent growth across all geographic areas examined between 2023 and 2026. However, the rate of growth varies significantly by region. The United States represents the largest portion of net revenue and exhibits steady, though moderating, growth. Canada shows consistent expansion, while the People’s Republic of China experiences the most rapid growth, albeit from a smaller base. Other geographic areas also contribute to overall growth, with a similar trajectory to Canada.
- United States
- Net revenue from the United States increased from US$5,654,343 thousand in 2023 to US$6,328,380 thousand in 2026, representing a cumulative growth of 11.9%. The growth rate decelerated from 12.3% between 2023 and 2024 to -0.3% between 2025 and 2026.
- Canada
- Net revenue from Canada increased from US$1,163,111 thousand in 2023 to US$1,423,178 thousand in 2026, representing a cumulative growth of 22.3%. Growth remained relatively consistent, at approximately 10-11% annually.
- People’s Republic of China
- Net revenue from the People’s Republic of China experienced the most substantial growth, increasing from US$681,633 thousand in 2023 to US$1,953,878 thousand in 2026, a cumulative growth of 186.8%. Growth rates were high, at 66.7% between 2023 and 2024, 36.2% between 2024 and 2025, and 28.8% between 2025 and 2026, though the rate of increase is slowing.
- Other geographic areas
- Net revenue from other geographic areas increased from US$611,431 thousand in 2023 to US$1,397,164 thousand in 2026, representing a cumulative growth of 128.4%. Growth rates were substantial, mirroring the trend observed in the People’s Republic of China, though slightly lower. Growth accelerated from 39.6% between 2023 and 2024 to 34.3% between 2025 and 2026.
Overall net revenue increased from US$8,110,518 thousand in 2023 to US$11,102,600 thousand in 2026, a cumulative growth of 36.9%. The People’s Republic of China and Other geographic areas are contributing an increasing proportion of total net revenue, while the United States, though still dominant, is experiencing a slowing growth rate. Canada maintains a consistent contribution to overall revenue.
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Long-lived assets
lululemon athletica inc., long-lived assets by geographic area
US$ in thousands
| Feb 1, 2026 | Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 2,004,523) | 1,788,554) | 1,597,318) | 1,175,317) | —) | —) |
| Canada | 802,444) | 675,048) | 671,622) | 601,756) | —) | —) |
| People’s Republic of China | 400,902) | 326,621) | 284,575) | 233,590) | —) | —) |
| Other geographic areas | 456,032) | 406,650) | 257,906) | 228,370) | —) | —) |
| Total | 3,663,901) | 3,196,873) | 2,811,421) | 2,239,033) | —) | —) |
Based on: 10-K (reporting date: 2026-02-01), 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).
Long-lived assets demonstrate consistent growth across all reported geographic areas between January 29, 2023, and February 1, 2026. The United States represents the largest portion of these assets, followed by Canada, the People’s Republic of China, and then other geographic areas. The rate of growth, however, varies significantly by region.
- United States
- The United States exhibits a substantial increase in long-lived assets, growing from US$1,175,317 thousand in 2023 to US$2,004,523 thousand in 2026. This represents a cumulative growth of approximately 70.6% over the observed period. The growth appears relatively consistent year-over-year.
- Canada
- Canada also shows consistent growth, albeit at a slower pace than the United States. Long-lived assets increased from US$601,756 thousand in 2023 to US$802,444 thousand in 2026, a cumulative increase of approximately 33.4%. The rate of increase accelerates slightly between 2024 and 2026.
- People’s Republic of China
- The People’s Republic of China demonstrates the highest percentage growth rate among the reported regions. Assets increased from US$233,590 thousand in 2023 to US$400,902 thousand in 2026, representing a cumulative growth of approximately 71.8%. Growth is consistent year-over-year.
- Other Geographic Areas
- Long-lived assets in other geographic areas also increased, rising from US$228,370 thousand in 2023 to US$456,032 thousand in 2026, a cumulative growth of approximately 99.7%. This region exhibits the most substantial growth in 2025, with an increase of US$148,744 thousand.
Overall, the trend indicates a company-wide investment in long-lived assets across all geographic areas. The United States continues to be the primary area for these investments, but the People’s Republic of China and other geographic areas are experiencing significant growth, suggesting a strategic expansion beyond established markets.
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