lululemon athletica (LULU) FY2021 results: revenue $6.3 billion, up 42.1% on the year

lululemon athletica Inc. (LULU) reported revenue of $6.3 billion for fiscal 2021, the year ended 30 January 2022, up 42.1% on the year before. Net income was $975 million, up 65.6%, and diluted earnings per share $7.49. The figures are the company's own, from the 10-K it filed with the SEC on 29 March 2022.

Revenue

$6.3 billion

+42.1% on the year

FY2014FY2021

Operating margin

21.3%

18.6% a year earlier

FY2014FY2021

Net income

$975 million

+65.6% on the year

FY2014FY2021

Diluted EPS

$7.49

+66.4% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	6,257	4,402	3,979	+42.1%
Cost of revenue	2,648	1,938	1,756	+36.6%
Gross profit	3,609	2,464	2,223	+46.5%
Gross margin	57.7%	56.0%	55.9%
Selling, general and administrative	2,225	1,609	1,334	+38.3%
Operating income	1,333	820	889	+62.6%
Operating margin	21.3%	18.6%	22.3%
Pre-tax income	1,334	819	897	+62.8%
Income tax	359	230	252	+55.6%
Effective tax rate	26.9%	28.1%	28.1%
Net income	975	589	646	+65.6%
Net margin	15.6%	13.4%	16.2%
Diluted EPS	$7.49	$4.50	$4.93	+66.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	1,389	803	669	+72.9%
Capital expenditure	395	229	283	+72.1%
Free cash flow	995	574	386	+73.2%
Free cash flow margin	15.9%	13.0%	9.7%
Cash from investing	-428	-696	-278
Cash from financing	-845	-80.8	-177
Depreciation and amortisation	224	185	162	+20.9%
Share-based compensation	69.1	50.8	45.6	+36.1%
Buybacks	813	63.7	173	+1,176.4%
Diluted shares, weighted	130m	131m	131m	-0.4%
Shares outstanding at period end	123m	125m	124m	-1.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	2,740	2,559	1,952	+7.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	692	633	611	+9.4%
Other liabilities	1,510	994	718	+51.9%
Total liabilities and equity	4,942	4,185	3,281	+18.1%
Fixed assets	928	746	672	+24.4%
Goodwill	387	387	24.2	+0.0%
Intangible assets	71.3	80.1	0.2	-11.0%
Cash and equivalents	1,260	1,151	1,094	+9.5%
Receivables	77.0	62.4	40.2	+23.4%
Inventory	966	647	519	+49.3%
Other assets	1,253	1,112	933	+12.7%
Total assets	4,942	4,185	3,281	+18.1%

10-K for the year ended 30 January 2022, filed 29 March 2022: the filing.