Analysis of Reportable Segments
lululemon athletica inc. operates in 3 segments: Americas; China Mainland; and Rest of World.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2008
- Price to Sales (P/S) since 2008
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Segment Profit Margin
lululemon athletica inc., profit margin by reportable segment
| Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | |
|---|---|---|---|---|---|---|
| Americas | ||||||
| China Mainland | ||||||
| Rest of World |
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).
The reportable segment profit margin data reveals distinct trends across the Americas, China Mainland, and Rest of World regions over the analyzed periods.
- Americas
- The profit margin in the Americas demonstrates a consistent upward trend from 35.23% in the period ending January 30, 2022, to a peak of 38.49% by January 29, 2023. There is a slight decline to 38.04% by January 28, 2024, indicating a minor decrease but overall maintaining a strong profit margin. This suggests sustained operational and market efficiency within this region with minor fluctuations.
- China Mainland
- The profit margin in China Mainland shows an initial decline from 38.53% in January 30, 2022, to 34.15% in January 29, 2023. However, the margin improves thereafter, increasing to 37% by January 28, 2024 and further up to 37.45% by February 2, 2025. This recovery indicates a positive turnaround following a period of contraction, suggesting improving market conditions or operational adjustments in the region.
- Rest of World
- The Rest of World segment reveals a notable upward trajectory across the reported periods. Starting at 12.95% in January 30, 2022, the margin rises significantly to 24.25% by February 2, 2025. This growth represents a substantial improvement in profitability, implying successful expansion or enhanced profitability management in these markets.
Overall, the data illustrates strong profitability in the Americas with slight recent softness, a rebound in China Mainland after a decline, and robust growth in the Rest of World segment. The differences in trends across regions highlight varying regional market dynamics and operational performance factors impacting the overall profitability landscape.
Segment Profit Margin: Americas
lululemon athletica inc.; Americas; segment profit margin calculation
| Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Income from operations | ||||||
| Net revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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
Segment profit margin = 100 × Income from operations ÷ Net revenue
= 100 × ÷ =
- Net Revenue
- Net revenue for the Americas segment demonstrates a consistent upward trend from 2022 through 2025. Starting at approximately 5.3 billion US dollars in 2022, revenue increased substantially each subsequent year, reaching about 7.9 billion US dollars by 2025. This reflects significant growth in the segment's sales over the observed period.
- Income from Operations
- Income from operations shows a similar positive trajectory across the available years. Beginning at roughly 1.9 billion US dollars in 2022, operating income rose notably to around 3.0 billion US dollars by 2025. This indicates effective operational management and increasing profitability alongside rising revenues.
- Segment Profit Margin
- The segment profit margin exhibits a steady improvement from 35.23% in 2022 to a peak of 38.49% in 2024, with a slight decrease to 38.04% in 2025. Overall, this suggests enhanced efficiency or favorable product mix contributing to improved margins over the period, despite minor fluctuations near the end.
- General Observations
- The data suggests robust growth in both revenue and operational income within the Americas segment over these years. Profit margins have generally increased, pointing to improved operational leverage or cost management. The incremental increases in income outpacing revenue growth slightly reflect improved profitability.
Segment Profit Margin: China Mainland
lululemon athletica inc.; China Mainland; segment profit margin calculation
| Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Income from operations | ||||||
| Net revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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
Segment profit margin = 100 × Income from operations ÷ Net revenue
= 100 × ÷ =
- Income from Operations
- The income from operations shows a consistent upward trend over the analyzed periods. Starting at 167,318 thousand US dollars in the earliest available year, it increases to 196,865 thousand US dollars the following year. This growth continues with a significant rise to 337,316 thousand US dollars in the subsequent year and further escalates to 509,859 thousand US dollars by the latest period. This pattern indicates strong operational growth within the segment.
- Net Revenue
- Net revenue demonstrates a pronounced growth trajectory throughout the reported years. Initial figures start at 434,261 thousand US dollars, rising to 576,503 thousand US dollars the next year. An accelerated increase follows with revenues reaching 963,760 thousand US dollars and further expanding to 1,361,337 thousand US dollars in the last period. This substantial increase reflects expanding sales and possibly market penetration within the segment.
- Segment Profit Margin
- The segment profit margin exhibits some variability but remains relatively stable overall. It starts at 38.53% and dips to 34.15% in the succeeding year, followed by a slight recovery to 35%. By the latest period, the margin improves to 37.45%. Despite fluctuations, the margin sustains a robust level, suggesting effective cost management alongside revenue growth.
- Summary
- The data reveals strong and sustained growth in both operational income and net revenue within the segment, supported by relatively stable profit margins. This combination indicates improving financial performance, driven by increased sales and controlled expense management over the periods analyzed.
Segment Profit Margin: Rest of World
lululemon athletica inc.; Rest of World; segment profit margin calculation
| Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Income from operations | ||||||
| Net revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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
Segment profit margin = 100 × Income from operations ÷ Net revenue
= 100 × ÷ =
The financial data for the "Rest of World" segment over the reported periods portrays a consistent and robust upward trajectory in key performance metrics. Starting from the earliest available figures in the fiscal year ended January 29, 2023, income from operations has shown significant year-over-year growth. The income rose from $67,674 thousand to $103,204 thousand in the subsequent year, followed by a considerable increase to $201,832 thousand, and reached $314,946 thousand in the latest reported year. This pattern indicates an accelerating operational profitability within this segment.
Similarly, net revenue has experienced continual expansion over the same time frame. From $522,450 thousand in the fiscal year ended January 29, 2023, net revenue increased markedly to $716,561 thousand, then further to $1,023,871 thousand, and most recently $1,298,633 thousand. This upward trend suggests strengthening market presence and enhanced sales performance in the geographic area covered by this segment.
Corresponding to the increases in income from operations and net revenue, the segment profit margin also exhibits a positive trend. Starting at 12.95% in the first available period, the margin improved to 14.4%, then to 19.71%, and finally to 24.25% in the most recent fiscal year. This consistent margin improvement signifies greater operational efficiency and an improved ability to convert revenue into profit within the segment.
- Overall Analysis
- The segment demonstrates strong growth in both revenue and income from operations, complemented by expanding profit margins. These elements collectively reflect enhanced operational effectiveness and successful market expansion initiatives over the observed period.
- Trend Observation
- Data indicates accelerating income growth alongside rising revenues, with profit margins improving steadily, revealing effective cost management and pricing strategies.
- Financial Implication
- The sustained growth and improving profitability suggest that this segment is becoming an increasingly important contributor to the overall financial health of the company, with potential for continued expansion and value creation.
Net revenue
lululemon athletica inc., net revenue by reportable segment
US$ in thousands
| Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | |
|---|---|---|---|---|---|---|
| Americas | ||||||
| China Mainland | ||||||
| Rest of World | ||||||
| Total segments |
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).
- Americas Segment
- The net revenue from the Americas segment shows a consistent upward trend from the first reported period in January 29, 2023, through to February 2, 2025. The revenue increased steadily from approximately $5.3 billion to nearly $7.9 billion during this period, indicating robust growth in this region.
- China Mainland Segment
- Revenue for the China Mainland segment demonstrates significant acceleration in growth across the observed periods. Starting at around $434 million in January 29, 2023, it rose sharply to approximately $1.36 billion by February 2, 2025. The rate of increase suggests expanding market penetration or increasing sales effectiveness in this geography.
- Rest of World Segment
- The Rest of World segment also experienced substantial growth in net revenue, with values rising from about $522 million in January 29, 2023, to nearly $1.3 billion by February 2, 2025. This growth trajectory reflects successful expansion or increased demand outside the primary Americas and China Mainland markets.
- Total Reportable Segments
- Total net revenue from all reportable segments combined exhibits a steady and strong growth trend. The total revenue increased from approximately $6.3 billion in January 29, 2023, to nearly $10.6 billion by February 2, 2025. This trend aligns with the increases seen at the individual segment levels, confirming overall business growth and diversification across regions.
- Overall Insights
- The data indicates that the Americas segment remains the largest contributor to net revenue, although the China Mainland and Rest of World segments are growing at a faster pace percentage-wise. This could imply a strategic emphasis on international expansion and diversification. The significant revenue growth in all segments signals favorable market conditions or effective business strategies implemented over the periods under review.
Income from operations
lululemon athletica inc., income from operations by reportable segment
US$ in thousands
| Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | |
|---|---|---|---|---|---|---|
| Americas | ||||||
| China Mainland | ||||||
| Rest of World | ||||||
| Total segments |
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).
The data reveals a consistent upward trend in income from operations across all reported segments over the observed periods. Notably, the Americas segment demonstrates a robust increase, growing from approximately 1.87 billion in early 2022 to over 3 billion by early 2025. This steady growth underscores the segment's continued dominance within the company's operational income.
The China Mainland segment exhibits a significant acceleration in income from operations. Starting from a lower base relative to the Americas, the segment more than triples from around 167 million in early 2022 to nearly 510 million by early 2025. This rapid increase suggests expanding market presence and improving operational performance in this region.
Similarly, the Rest of World segment shows strong growth trends. Income from this segment rises from roughly 68 million in early 2022 to nearly 315 million by early 2025. This trajectory indicates successful penetration and development of markets outside the Americas and China Mainland.
Overall, total segment income from operations reflects these regional increases, escalating from just over 2.1 billion in early 2022 to approximately 3.8 billion in early 2025. The aggregate growth of about 83% across this timeframe highlights the company's effective expansion and increasing profitability at the segment level.
- Americas Segment
- Steady and substantial growth, with income rising approximately 61% from early 2022 to early 2025.
- China Mainland Segment
- Rapid acceleration in growth, income nearly tripling over the reported periods, indicating heightened market traction.
- Rest of World Segment
- Strong upward trajectory, with more than a fourfold increase, pointing to significant international expansion.
- Total Segments
- Continuous and substantial overall increase, reflecting the combined effects of growth across all regions.