Stock Analysis on Net

lululemon athletica inc. (NASDAQ:LULU)

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Analysis of Geographic Areas

Microsoft Excel

lululemon athletica inc. operates in 4 regions: United States; Canada; People’s Republic of China; and Other geographic areas.

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Area Asset Turnover

lululemon athletica inc., asset turnover by geographic area

Microsoft Excel
Feb 2, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020
United States
Canada
People’s Republic of China
Other geographic areas

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).


United States
The asset turnover ratio in the United States shows a decreasing trend over the latest three reported periods. Starting at 4.81 in the period ending January 28, 2024, it declined to 3.97 and further to 3.62 by February 2, 2025. This indicates a reduction in the efficiency of asset utilization in this region over time.
Canada
In Canada, the asset turnover ratio remained relatively stable, with a minor decrease from 1.93 to 1.91 between January 28, 2024 and January 29, 2023, followed by an increase to 2.09 in the period ending February 2, 2025. This suggests a slight improvement in asset efficiency after a period of minimal decline.
People’s Republic of China
The asset turnover ratio in the People’s Republic of China displayed a clear upward trajectory, rising from 2.92 in January 28, 2024 to 3.99 and further to 4.72 by the latest period. This consistent increase points to enhanced asset utilization and growing operational efficiency in this geographic area.
Other Geographic Areas
Asset turnover in other geographic areas experienced some fluctuations. Initially increasing from 2.68 to 3.31, it then declined to 2.83 in the most recent period. This pattern suggests variability in asset efficiency, with some gains not fully sustained over the longer term.

Area Asset Turnover: United States

lululemon athletica inc.; United States; area asset turnover calculation

Microsoft Excel
Feb 2, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020
Selected Financial Data (US$ in thousands)
Net revenue
Long-lived assets
Area Activity Ratio
Area asset turnover1

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).

1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =


Net Revenue
Net revenue demonstrates a consistent upward trend over the reported periods. Starting at 5,654,343 thousand US dollars, it increases to 6,346,392 thousand US dollars in the following year, and further to 6,483,183 thousand US dollars in the most recent year. This reflects steady revenue growth within the geographic area.
Long-Lived Assets
The value of long-lived assets shows a significant increase across the periods. It rises from 1,175,317 thousand US dollars to 1,597,318 thousand US dollars, and then to 1,788,554 thousand US dollars. This indicates ongoing investment in long-term assets within the geographic area.
Area Asset Turnover
The area asset turnover ratio exhibits a declining trend. It decreases from 4.81 to 3.97, and then to 3.62 over the observed periods. Despite growth in revenue, this decline suggests that revenue generation efficiency relative to the asset base is reducing over time in this geographic segment.

Area Asset Turnover: Canada

lululemon athletica inc.; Canada; area asset turnover calculation

Microsoft Excel
Feb 2, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020
Selected Financial Data (US$ in thousands)
Net revenue
Long-lived assets
Area Activity Ratio
Area asset turnover1

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).

1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =


Net revenue
The net revenue for the Canada geographic area exhibits a clear upward trajectory over the three most recent periods reported. Specifically, revenue increased from approximately 1.16 billion USD in the period ending January 28, 2024, to about 1.29 billion USD in the subsequent period, and further to roughly 1.41 billion USD in the period ending February 2, 2025. This progression indicates sustained growth in sales within this region during these years.
Long-lived assets
Long-lived assets have also shown an increasing trend over the same timeframe. Starting from an asset base of approximately 602 million USD, the value increased to nearly 672 million USD and then slightly to 675 million USD. The increment suggests ongoing investment or asset accumulation, albeit growth in asset values has stabilized towards the latest period.
Area asset turnover
The area asset turnover ratio remained relatively stable initially but displays a positive increase in the final period reported. From a ratio of 1.93, it saw a minor decline to 1.91 before rising to 2.09, indicating an improvement in the efficiency with which assets are utilized to generate revenue. This suggests enhanced operational efficiency or improved sales productivity relative to asset investment in the most recent period.

Area Asset Turnover: People’s Republic of China

lululemon athletica inc.; People’s Republic of China; area asset turnover calculation

Microsoft Excel
Feb 2, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020
Selected Financial Data (US$ in thousands)
Net revenue
Long-lived assets
Area Activity Ratio
Area asset turnover1

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).

1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =


Net Revenue
The net revenue attributable to the People’s Republic of China geographic area has exhibited considerable growth over the observed periods. Data starts being recorded from the period ending January 28, 2024, with net revenue of approximately 681.6 million US dollars, increasing sharply to around 1.13 billion US dollars in the subsequent period ending February 2, 2025. This indicates a substantial increase, highlighting a strong upward trend in revenue generation within this market.
Long-lived Assets
Long-lived assets within this geographic segment have also shown consistent growth during the recorded periods. Starting at close to 233.6 million US dollars in early 2024, these assets rose to approximately 284.6 million US dollars by early 2025, and further to about 326.6 million US dollars in the latest period. This steady increase reflects ongoing capital investment or acquisitions of long-term resources to support operations or expansion in this region.
Area Asset Turnover
The area asset turnover ratio, which is an efficiency metric showing the relationship between net revenue and long-lived assets, reveals an improving efficiency trend. The ratio increased from 2.92 in early 2024 to 3.99 in the following period, and then further to 4.72 in the latest period. This upward progression implies that the company has become increasingly effective in utilizing its long-lived assets to generate revenue in the People’s Republic of China market.
Overall Insights
Combining the financial trends, it is evident that the company's operations in the People’s Republic of China have been expanding both in terms of revenue and asset base. The rising asset turnover ratio further signals enhanced operational efficiency. These patterns suggest strong growth momentum and effective asset management within this geographic segment over the recent years covered by the data.

Area Asset Turnover: Other geographic areas

lululemon athletica inc.; Other geographic areas; area asset turnover calculation

Microsoft Excel
Feb 2, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020
Selected Financial Data (US$ in thousands)
Net revenue
Long-lived assets
Area Activity Ratio
Area asset turnover1

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).

1 2025 Calculation
Area asset turnover = Net revenue ÷ Long-lived assets
= ÷ =


Net Revenue
The net revenue from other geographic areas demonstrates a significant upward trend from the fiscal year ended January 28, 2024, to the fiscal year ended February 2, 2025. Revenue increased from $611.4 million to $853.3 million, followed by further growth to approximately $1.15 billion. This indicates robust expansion in this region over the most recent periods for which data is available.
Long-Lived Assets
Long-lived assets in other geographic areas show a steady increase in the periods reported. From $228.4 million in January 2024, assets rose to about $257.9 million in January 2025 and experienced a sharp increase to $406.7 million by February 2025. This suggests significant investment or acquisition of fixed assets in the latest period, potentially to support the observed revenue growth.
Area Asset Turnover Ratio
The area asset turnover ratio, which measures revenue generated per dollar of asset investment, exhibits some fluctuation. It increased from 2.68 in January 2024 to a peak of 3.31 in January 2025, indicating improved efficiency in asset utilization. However, it decreased to 2.83 by February 2025, signaling a slight decline in asset efficiency despite higher asset investment and revenue.

Overall, the data for other geographic areas reflects substantial growth in revenue and assets over the analyzed periods. While asset investments have escalated sharply, revenue growth remains strong, though the efficiency of asset use showed a recent minor downturn after peaking. This pattern may imply a phase of expansion where increased assets are being integrated to support future growth.


Long-lived assets

lululemon athletica inc., long-lived assets by geographic area

US$ in thousands

Microsoft Excel
Feb 2, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020
United States
Canada
People’s Republic of China
Other geographic areas
Total

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).


United States
The data reveals a consistent upward trend in long-lived assets within the United States beginning from the earliest date with available data. The value rose significantly from 1,175,317 thousand US dollars to 1,597,318 thousand US dollars and further to 1,788,554 thousand US dollars by the latest reported period, indicating ongoing investment or asset accumulation in this region.
Canada
Long-lived assets in Canada also demonstrate growth, though at a more moderate pace compared to the United States. Beginning at 601,756 thousand US dollars, the values increased to 671,622 thousand US dollars and slightly further to 675,048 thousand US dollars. The minimal increment between the last two periods suggests a potential stabilization of asset levels in this region.
People’s Republic of China
The asset base in the People’s Republic of China expanded steadily over the observed periods. Starting at 233,590 thousand US dollars, it grew to 284,575 thousand US dollars and reached 326,621 thousand US dollars. This upward trajectory indicates sustained growth and possibly increased operational presence or capital expenditure in this market.
Other Geographic Areas
This category shows a notable increase, especially in the last reported period. Values rose from 228,370 thousand US dollars to 257,906 thousand US dollars and then sharply increased to 406,650 thousand US dollars. This jump might reflect strategic investments or expansion in additional international markets beyond the previously listed regions.
Total
The overall long-lived assets across all geographic areas present a clear and strong increasing trend. The total assets grew from 2,239,033 thousand US dollars to 2,811,421 thousand US dollars and further to 3,196,873 thousand US dollars. This consistent rise highlights the company's expanding asset base with significant contributions from all regions, most prominently from the United States and Other Geographic Areas.

Net revenue

lululemon athletica inc., net revenue by geographic area

US$ in thousands

Microsoft Excel
Feb 2, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020
United States
Canada
People’s Republic of China
Other geographic areas
Total

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).


United States Net Revenue
The net revenue for the United States shows a consistent upward trend over the three most recent reported periods. Starting at 5,654,343 thousand US dollars, it increased to 6,346,392 thousand US dollars, and further to 6,483,183 thousand US dollars by the latest period.
Canada Net Revenue
Canada's net revenue similarly exhibits steady growth across the three periods. It rose from 1,163,111 thousand US dollars to 1,285,255 thousand US dollars and then to 1,411,673 thousand US dollars, indicating moderate expansion in this market.
People’s Republic of China Net Revenue
The net revenue from the People’s Republic of China demonstrates a strong increasing trend. It advanced from 681,633 thousand US dollars to 1,134,293 thousand US dollars and then to 1,541,429 thousand US dollars, showing significant growth and an increasing contribution to total revenues.
Other Geographic Areas Net Revenue
Net revenues from other geographic areas also reveal a clear upward trajectory. The figures rose from 611,431 thousand US dollars to 853,338 thousand US dollars and reached 1,151,841 thousand US dollars, indicating expansion beyond the main focus markets.
Total Net Revenue
Total net revenue follows the aggregate pattern of its components, showing solid growth. It increased from 8,110,518 thousand US dollars to 9,619,278 thousand US dollars, and then to 10,588,126 thousand US dollars. This reflects a robust overall increase in revenue driven by consistent gains across all geographic segments.
Overall Insights
The data reveals a consistent and broad-based increase in net revenues across all reported geographic areas. The United States remains the largest contributor but shows comparatively moderate growth percentage-wise. In contrast, the People’s Republic of China exhibits the most pronounced growth rate in absolute terms, indicating a rapidly expanding market. Canada and other geographic areas also show steady growth, reinforcing a diversified revenue growth strategy. The total net revenue's upward trajectory suggests successful expansion and strong market demand globally over the examined periods.