lululemon athletica (LULU) FY2022 results: revenue $8.1 billion, up 29.6% on the year

lululemon athletica Inc. (LULU) reported revenue of $8.1 billion for fiscal 2022, the year ended 29 January 2023, up 29.6% on the year before. Net income was $855 million, down 12.4%, and diluted earnings per share $6.68. The figures are the company's own, from the 10-K it filed with the SEC on 28 March 2023.

Revenue

$8.1 billion

+29.6% on the year

FY2015FY2022

Operating margin

16.4%

21.3% a year earlier

FY2015FY2022

Net income

$855 million

-12.4% on the year

FY2015FY2022

Diluted EPS

$6.68

-10.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	8,111	6,257	4,402	+29.6%
Cost of revenue	3,618	2,648	1,938	+36.6%
Gross profit	4,492	3,609	2,464	+24.5%
Gross margin	55.4%	57.7%	56.0%
Selling, general and administrative	2,757	2,225	1,609	+23.9%
Operating income	1,328	1,333	820	-0.4%
Operating margin	16.4%	21.3%	18.6%
Pre-tax income	1,333	1,334	819	-0.1%
Income tax	478	359	230	+33.3%
Effective tax rate	35.9%	26.9%	28.1%
Net income	855	975	589	-12.4%
Net margin	10.5%	15.6%	13.4%
Diluted EPS	$6.68	$7.49	$4.50	-10.8%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	966	1,389	803	-30.4%
Capital expenditure	639	395	229	+61.9%
Free cash flow	328	995	574	-67.0%
Free cash flow margin	4.0%	15.9%	13.0%
Cash from investing	-570	-428	-696
Cash from financing	-467	-845	-80.8
Depreciation and amortisation	292	224	185	+30.1%
Share-based compensation	78.1	69.1	50.8	+12.9%
Buybacks	444	813	63.7	-45.4%
Diluted shares, weighted	128m	130m	131m	-1.7%
Shares outstanding at period end	122m	123m	125m	-0.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	3,149	2,740	2,559	+14.9%
Debt	0.0	0.0	0.0
Operating lease liabilities	862	692	633	+24.6%
Other liabilities	1,596	1,510	994	+5.7%
Total liabilities and equity	5,607	4,942	4,185	+13.4%
Fixed assets	1,270	928	746	+36.9%
Goodwill	24.1	387	387	-93.8%
Intangible assets	22.0	71.3	80.1	-69.2%
Cash and equivalents	1,155	1,260	1,151	-8.3%
Receivables	133	77.0	62.4	+72.6%
Inventory	1,447	966	647	+49.8%
Other assets	1,556	1,253	1,112	+24.2%
Total assets	5,607	4,942	4,185	+13.4%

10-K for the year ended 29 January 2023, filed 28 March 2023: the filing.