lululemon athletica inc.LULU
lululemon athletica inc. Segments Disclosure
Segmented Information
The Company reports three segments: Americas, China Mainland, and Rest of World, which is comprised of its non-
significant operating segments APAC and EMEA reported on a combined basis.
The Company's segments are based on the financial information the Chief Operating Decision Maker ("CODM") uses to evaluate performance and allocate resources. Effective January 31, 2026, the Company's chief executive officer ("CEO") stepped down, and the Company's chief financial officer and its president and chief commercial officer were appointed as interim co-CEOs. The CODM of the Company during 2025 was the CEO, and during the interim period, the interim co-CEOs are the Company's CODM. The CODM approves the annual budget on a segment level, and regularly assesses the performance of the Company's segments using key financial metrics, including net revenue and segmented income from operations. The Company does not report capital expenditures and assets by segment as that information is not reviewed by the CODM.
The following outlines segmented information:
2025 | ||||||||||||||||||||||||||||||||||||||
Americas | China Mainland | Rest of World | Total Segments | Corporate(1) | Total | |||||||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||||||||
| Net revenue | $ | 7,847,044 | $ | 1,754,799 | $ | 1,500,757 | $ | 11,102,600 | $ | — | $ | 11,102,600 | ||||||||||||||||||||||||||
Product costs(2) | 2,585,483 | 414,504 | 428,044 | 3,428,031 | — | 3,428,031 | ||||||||||||||||||||||||||||||||
Other cost of sales(2) | 674,020 | 221,680 | 255,756 | 1,151,456 | 238,981 | 1,390,437 | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 2,026,883 | 417,492 | 471,056 | 2,915,431 | 1,151,125 | 4,066,556 | ||||||||||||||||||||||||||||||||
| Amortization of intangible assets | — | — | — | — | 6,961 | 6,961 | ||||||||||||||||||||||||||||||||
| Income from operations | $ | 2,560,658 | $ | 701,123 | $ | 345,901 | $ | 3,607,682 | $ | (1,397,067) | $ | 2,210,615 | ||||||||||||||||||||||||||
| Other income (expense), net | 28,352 | |||||||||||||||||||||||||||||||||||||
| Income before income tax expense | $ | 2,238,967 | ||||||||||||||||||||||||||||||||||||
| Supplemental information: | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization(3) | $ | 224,684 | $ | 38,198 | $ | 36,585 | $ | 299,467 | $ | 196,761 | $ | 496,228 | ||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||||||||
Americas | China Mainland | Rest of World | Total Segments | Corporate(1) | Total | |||||||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||||||||
| Net revenue | $ | 7,928,156 | $ | 1,361,337 | $ | 1,298,633 | $ | 10,588,126 | $ | — | $ | 10,588,126 | ||||||||||||||||||||||||||
Product costs(2) | 2,336,251 | 324,237 | 364,906 | 3,025,394 | — | 3,025,394 | ||||||||||||||||||||||||||||||||
Other cost of sales(2) | 641,699 | 198,373 | 217,536 | 1,057,608 | 234,313 | 1,291,921 | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1,934,649 | 328,868 | 401,245 | 2,664,762 | 1,097,617 | 3,762,379 | ||||||||||||||||||||||||||||||||
| Amortization of intangible assets | — | — | — | — | 2,735 | 2,735 | ||||||||||||||||||||||||||||||||
| Income from operations | $ | 3,015,557 | $ | 509,859 | $ | 314,946 | $ | 3,840,362 | $ | (1,334,665) | $ | 2,505,697 | ||||||||||||||||||||||||||
| Other income (expense), net | 70,380 | |||||||||||||||||||||||||||||||||||||
| Income before income tax expense | $ | 2,576,077 | ||||||||||||||||||||||||||||||||||||
| Supplemental information: | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization(3) | $ | 204,922 | $ | 33,206 | $ | 30,872 | $ | 269,000 | $ | 177,524 | $ | 446,524 | ||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||
Americas | China Mainland | Rest of World | Total Segments | Corporate(1) | Total | |||||||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||||||||
| Net revenue | $ | 7,631,647 | $ | 963,760 | $ | 1,023,871 | $ | 9,619,278 | $ | — | $ | 9,619,278 | ||||||||||||||||||||||||||
Product costs(2) | 2,283,490 | 241,663 | 316,542 | 2,841,695 | 23,709 | 2,865,404 | ||||||||||||||||||||||||||||||||
Other cost of sales(2) | 576,810 | 154,136 | 171,992 | 902,938 | 241,531 | 1,144,469 | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1,834,163 | 230,645 | 333,505 | 2,398,313 | 998,905 | 3,397,218 | ||||||||||||||||||||||||||||||||
| Impairment of assets | — | — | — | — | 74,501 | 74,501 | ||||||||||||||||||||||||||||||||
| Amortization of intangible assets | — | — | — | — | 5,010 | 5,010 | ||||||||||||||||||||||||||||||||
| Income from operations | $ | 2,937,184 | $ | 337,316 | $ | 201,832 | $ | 3,476,332 | $ | (1,343,656) | $ | 2,132,676 | ||||||||||||||||||||||||||
| Other income (expense), net | 43,059 | |||||||||||||||||||||||||||||||||||||
| Income before income tax expense | $ | 2,175,735 | ||||||||||||||||||||||||||||||||||||
| Supplemental information: | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization(3) | $ | 170,417 | $ | 25,746 | $ | 23,644 | $ | 219,807 | $ | 159,577 | $ | 379,384 | ||||||||||||||||||||||||||
__________
(1)Corporate includes centrally managed support functions including product design, raw material development, product innovation, sourcing, supply chain, and global merchandising which are included in other cost of sales. Administrative corporate expenses include technology, brand and marketing, finance, human resources, legal, and other head office costs. An inventory obsolescence provision in relation to lululemon Studio of $23.7 million in 2023 is included within product costs.
(2)Please refer to Note 2. Summary of Significant Accounting Policies "Cost of goods sold" for a definition of product costs and other cost of sales.
(3)The amounts of depreciation and amortization disclosed by reportable segment are included within other cost of sales and selling, general and administrative expenses.
Long-lived assets, including property and equipment, net and right-of-use lease assets, by geographic area were as follows:
| February 1, 2026 | February 2, 2025 | |||||||||||||
| (In thousands) | ||||||||||||||
| United States | $ | 2,004,523 | $ | 1,788,554 | ||||||||||
| Canada | 802,444 | 675,048 | ||||||||||||
| People's Republic of China | 400,902 | 326,621 | ||||||||||||
| Other geographic areas | 456,032 | 406,650 | ||||||||||||
| $ | 3,663,901 | $ | 3,196,873 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 17, 2026 | Showing above |
| 2025 | Mar 27, 2025 | |
| 2024 | Mar 21, 2024 | |
| 2023 | Mar 28, 2023 | |
| 2022 | Mar 29, 2022 | |
| 2021 | Mar 30, 2021 | |
| 2020 | Mar 26, 2020 | |
| 2019 | Mar 27, 2019 | |
| 2018 | Mar 27, 2018 | |
| 2017 | Mar 29, 2017 | |
| 2016 | Mar 30, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.