Stock Analysis on Net
Stock Analysis on Net

lululemon athletica inc. (NASDAQ:LULU)

Common-Size Income Statement 
Quarterly Data

lululemon athletica inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: May 4, 2025 Feb 2, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Nov 1, 2020 Aug 2, 2020 May 3, 2020 Feb 2, 2020 Nov 3, 2019 Aug 4, 2019 May 5, 2019
Net revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -41.66 -39.58 -41.52 -40.44 -42.28 -40.61 -42.99 -41.22 -42.48 -44.89 -44.05 -43.51 -46.05 -41.94 -42.82 -41.91 -42.90 -41.45 -43.86 -45.79 -48.71 -41.98 -44.87 -45.01 -46.09
Gross profit 58.34% 60.42% 58.48% 59.56% 57.72% 59.39% 57.01% 58.78% 57.52% 55.11% 55.95% 56.49% 53.95% 58.06% 57.18% 58.09% 57.10% 58.55% 56.14% 54.21% 51.29% 58.02% 55.13% 54.99% 53.91%
Selling, general and administrative expenses -39.77 -31.52 -37.96 -36.77 -38.14 -30.87 -38.24 -37.00 -37.36 -28.97 -36.85 -35.45 -37.67 -30.15 -37.58 -37.32 -40.49 -31.50 -36.84 -39.08 -45.95 -28.22 -35.93 -35.98 -37.44
Impairment of assets and restructuring costs 0.00 0.00 0.00 0.00 0.00 0.00 -3.38 0.00 0.00 -14.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Amortization of intangible assets -0.07 -0.04 -0.05 0.00 0.00 0.00 -0.06 -0.09 -0.09 -0.08 -0.12 -0.12 -0.14 -0.10 -0.15 -0.15 -0.18 -0.13 -0.20 -0.08 0.00 0.00 0.00 0.00 0.00
Acquisition-related expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07 -1.66 -0.56 -0.62 -0.45 -0.76 -1.27 -0.31 0.00 0.00 0.00 0.00
Gain on disposal of assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income from operations 18.50% 28.86% 20.47% 22.78% 19.59% 28.51% 15.34% 21.69% 20.06% 11.34% 18.98% 21.47% 16.14% 27.74% 17.78% 20.06% 15.80% 26.48% 18.34% 13.78% 5.02% 29.80% 19.19% 19.02% 16.47%
Other income (expense), net 0.50 0.43 0.57 0.76 1.05 0.56 0.45 0.33 0.40 0.13 0.02 0.01 0.00 0.01 0.00 0.01 0.02 -0.05 -0.05 -0.04 0.18 0.15 0.21 0.21 0.30
Income before income tax expense 19.00% 29.28% 21.05% 23.54% 20.64% 29.07% 15.79% 22.03% 20.46% 11.48% 19.00% 21.48% 16.13% 27.75% 17.79% 20.07% 15.82% 26.42% 18.29% 13.74% 5.20% 29.95% 19.40% 19.23% 16.77%
Income tax expense -5.73 -8.56 -6.36 -6.97 -6.09 -8.18 -4.50 -6.56 -5.95 -7.15 -5.24 -5.99 -4.36 -7.34 -4.84 -5.73 -4.00 -7.35 -5.43 -4.13 -0.81 -8.63 -5.65 -5.08 -4.42
Net income 13.27% 20.72% 14.68% 16.57% 14.55% 20.89% 11.28% 15.46% 14.51% 4.32% 13.76% 15.50% 11.78% 20.41% 12.95% 14.34% 11.82% 19.07% 12.85% 9.61% 4.39% 21.33% 13.75% 14.15% 12.35%

Based on: 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).

Cost of goods sold (COGS) trend
COGS as a percentage of net revenue fluctuated throughout the periods, showing a notable dip around early 2020 with the lowest at -41.45%, then generally stabilizing between approximately -39.58% and -46.09%. After mid-2020, a gradual improvement in gross margin is indicated as COGS decreased in percentage terms toward the end of the timeline, reaching about -39.58% in late 2024. This suggests improving cost efficiency or pricing power over time.
Gross profit margin evolution
Gross profit margin closely mirrors COGS behavior, ranging initially from about 53.91% to 58.02%, with a dip in mid-2020 likely reflecting increased costs or operational challenges. Subsequently, the gross profit margin regained strength, exceeding 58% at multiple points from 2021 onwards, peaking near 60.42% in late 2024, reflecting enhanced profitability at the gross level.
Selling, general and administrative expenses (SG&A)
SG&A expenses experienced significant volatility. Initially around -35.98% to -37.44%, there was a marked spike around May 2020 reaching as high as nearly -46%, which coincides with the period of the global pandemic impact. After this period, SG&A expenses generally declined in percentage terms but remained somewhat elevated compared to pre-2020 levels, reflecting periodic operational or strategic investments with fluctuations down to approximately -30.15% during some quarters, indicating increased cost control or efficiency efforts.
Operating income margin dynamics
Income from operations showed strong variability, initially around 16.47% to 19.19%, spiking to nearly 29.8% in early 2020 before plunging dramatically to 5.02% in May 2020. Recovery ensued with operating margins mostly climbing back above 20% in subsequent quarters, showing operational resilience. The pattern highlights sensitivity to external disruptions but also a capacity to rebound, with notable oscillations between approximately 15% and near 29% in the latest periods.
Other income (expense), net
This category remained relatively stable and minor, oscillating around zero with slight positive and negative values. From mid-2021, other income showed a gradual upward trend, peaking at about 1.05% near mid-2024, indicating modest but growing supplementary income contributions beyond core operations.
Income before income tax expense
Income before tax followed a similar trajectory to operating income: strong until early 2020, a sharp decline around mid-2020, followed by recovery and fluctuation mostly between 15.79% and 29.28% in later periods. This consistency confirms operational profitability with some volatility tied to extraordinary conditions reflected in SG&A and cost fluctuations.
Income tax expense pattern
Income tax expense exhibited notable variability, sometimes as low as near -0.81% (May 2020) to as high as approximately -8.63% (early 2020). This fluctuation suggests changes in taxable income and possibly the effect of tax rate changes or deferred tax assets/liabilities impacting effective tax rates during volatile profit periods.
Net income margin progression
Net income margins align closely with operating and pre-tax income patterns, with a significant dip to about 4.32% in early 2023 and a low point of 4.39% in May 2020, reflecting the challenging conditions at those times. The margin largely recovered afterward, regularly reaching the 11-16% range, and occasionally spiking above 20%, notably around early 2024 (20.72%). This reflects overall profitability resilience, despite episodic challenges impacting net results.
Impact of impairment, amortization, and acquisition expenses
Impairment and restructuring costs appeared sporadically, notably as a significant -14.72% charge in early 2023, which likely contributed to operating profitability compression in that period. Amortization of intangible assets remained minimal throughout, generally staying below -0.2%. Acquisition-related expenses were modest and irregular, indicating occasional one-time costs that had minor impact on overall margins.