We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lululemon Athletica Inc | NASDAQ:LULU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
4.35 | 1.24% | 355.15 | 300.00 | 367.00 | 356.97 | 351.77 | 355.20 | 1,257,862 | 05:00:01 |
|
☑
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
20-3842867
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
|
Title of each class
|
|
Trading symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, par value $0.005 per share
|
|
LULU
|
|
Nasdaq Global Select Market
|
Large Accelerated Filer
|
|
☑
|
|
Accelerated filer
|
|
☐
|
Non-accelerated filer
|
|
☐
|
|
Smaller reporting company
|
|
☐
|
Emerging growth company
|
|
☐
|
|
|
|
|
|
|
|
Page
|
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
|
|
|
|
|
|
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
|
||
Item 9A.
|
||
|
|
|
|
|
|
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
|
|
|
|
|
|
Item 15.
|
|
|
February 2,
2020 |
|
February 3,
2019 |
||
United States
|
|
305
|
|
|
285
|
|
Canada
|
|
63
|
|
|
64
|
|
People's Republic of China(1)
|
|
38
|
|
|
22
|
|
Australia
|
|
31
|
|
|
29
|
|
United Kingdom
|
|
14
|
|
|
12
|
|
Japan
|
|
7
|
|
|
5
|
|
New Zealand
|
|
7
|
|
|
7
|
|
Germany
|
|
6
|
|
|
5
|
|
South Korea
|
|
5
|
|
|
4
|
|
Singapore
|
|
4
|
|
|
3
|
|
France
|
|
3
|
|
|
1
|
|
Malaysia
|
|
2
|
|
|
—
|
|
Sweden
|
|
2
|
|
|
1
|
|
Ireland
|
|
1
|
|
|
1
|
|
Netherlands
|
|
1
|
|
|
—
|
|
Norway
|
|
1
|
|
|
—
|
|
Switzerland
|
|
1
|
|
|
1
|
|
Total company-operated stores
|
|
491
|
|
|
440
|
|
(1)
|
PRC included six company-operated stores in Hong Kong, Special Administrative Region, two company-operated stores in Macao, Special Administration Region, and one company-operated store in Taiwan, PRC as of February 2, 2020. As of February 3, 2019, there were five company-operated stores in Hong Kong, Special Administrative Region, one company-operated store in Macao, Special Administration Region, and one company-operated store in Taiwan, PRC.
|
•
|
Outlets and warehouse sales - We utilize outlets as well as physical warehouse sales, which are held from time to time, to sell slow moving inventory and inventory from prior seasons to retail customers at discounted prices.
|
•
|
Temporary locations - Our temporary locations, including seasonal stores, are typically opened for a short period of time in markets in which we may not already have a presence.
|
•
|
Wholesale - Our wholesale accounts include premium yoga studios, health clubs, and fitness centers. We believe these premium wholesale locations offer an alternative distribution channel that is convenient for our core consumer and enhances the image of our brand. We do not intend wholesale to be a significant contributor to overall sales. Instead, we use the channel to build brand awareness, including outside of North America.
|
•
|
License and supply arrangements - We enter into license and supply arrangements from time to time when we believe that it will be to our advantage to partner with companies and individuals with significant experience and proven success in certain target markets.
|
•
|
the impact of health conditions, including the current COVID-19 coronavirus pandemic, and related government and private sector responsive actions, and other changes in local economic conditions in countries where our manufacturers, suppliers, or guests are located;
|
•
|
political unrest, terrorism, labor disputes, and economic instability resulting in the disruption of trade from foreign countries in which our products are manufactured;
|
•
|
the imposition of new laws and regulations, including those relating to labor conditions, quality and safety standards, imports, duties, taxes and other charges on imports, as well as trade restrictions and restrictions on currency exchange or the transfer of funds;
|
•
|
reduced protection for intellectual property rights, including trademark protection, in some countries, particularly in the PRC; and
|
•
|
disruptions or delays in shipments whether due to port congestion, labor disputes, product regulations and/or inspections or other factors, natural disasters or health pandemics, or other transportation disruptions.
|
•
|
identify suitable store locations, the availability of which is outside of our control;
|
•
|
gain brand recognition and acceptance, particularly in markets that are new to us;
|
•
|
negotiate acceptable lease terms, including desired tenant improvement allowances;
|
•
|
hire, train and retain store personnel and field management;
|
•
|
immerse new store personnel and field management into our corporate culture;
|
•
|
source sufficient inventory levels; and
|
•
|
successfully integrate new stores into our existing operations and information technology systems.
|
•
|
the classification of our board of directors into three classes, with one class elected each year;
|
•
|
prohibiting cumulative voting in the election of directors;
|
•
|
the ability of our board of directors to issue preferred stock without stockholder approval;
|
•
|
the ability to remove a director only for cause and only with the vote of the holders of at least 66 2/3% of our voting stock;
|
•
|
a special meeting of stockholders may only be called by our chairman or Chief Executive Officer, or upon a resolution adopted by an affirmative vote of a majority of the board of directors, and not by our stockholders;
|
•
|
prohibiting stockholder action by written consent; and
|
•
|
our stockholders must comply with advance notice procedures in order to nominate candidates for election to our board of directors or to place stockholder proposals on the agenda for consideration at any meeting of our stockholders.
|
Location
|
|
Use
|
|
Approximate Square Feet
|
|
Columbus, OH
|
|
Distribution Center
|
|
310,000
|
|
Vancouver, BC
|
|
Executive and Administrative Offices
|
|
140,000
|
|
Location
|
|
Use
|
|
Approximate Square Feet
|
|
Lease Renewal Date
|
|
Toronto, ON
|
|
Distribution Center
|
|
250,000
|
|
|
September 2033
|
Sumner, WA
|
|
Distribution Center
|
|
150,000
|
|
|
July 2025
|
Vancouver, BC
|
|
Distribution Center
|
|
155,000
|
|
|
January 2031
|
|
|
01-Feb-15
|
|
31-Jan-16
|
|
29-Jan-17
|
|
28-Jan-18
|
|
03-Feb-19
|
|
02-Feb-20
|
||||||||||||
lululemon athletica inc.
|
|
$
|
100.00
|
|
|
$
|
93.70
|
|
|
$
|
100.88
|
|
|
$
|
119.38
|
|
|
$
|
220.59
|
|
|
$
|
361.40
|
|
S&P 500 Index
|
|
$
|
100.00
|
|
|
$
|
97.26
|
|
|
$
|
115.02
|
|
|
$
|
144.00
|
|
|
$
|
135.67
|
|
|
$
|
161.68
|
|
S&P 500 Apparel, Accessories & Luxury Goods Index
|
|
$
|
100.00
|
|
|
$
|
82.75
|
|
|
$
|
69.42
|
|
|
$
|
90.37
|
|
|
$
|
79.62
|
|
|
$
|
71.89
|
|
Period(1)
|
|
Total Number of Shares Purchased(2)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)
|
|
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2)
|
||||||
November 4, 2019 - December 1, 2019
|
|
1,584
|
|
|
$
|
194.10
|
|
|
1,584
|
|
|
$
|
327,302,004
|
|
December 2, 2019 - January 5, 2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
327,302,004
|
|
||
January 6, 2020 - February 2, 2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
327,302,004
|
|
||
Total
|
|
1,584
|
|
|
|
|
1,584
|
|
|
|
(1)
|
Monthly information is presented by reference to our fiscal periods during our fourth quarter of fiscal 2019.
|
(2)
|
On January 31, 2019, our board of directors approved a stock repurchase program of up to $500 million of our common shares on the open market or in privately negotiated transactions. Common shares repurchased on the open market are at prevailing market prices, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934. The timing and actual number of common shares to be repurchased will depend upon market conditions, eligibility to trade, and other factors. The repurchases are expected to be completed by January 2021.
|
Period(1)
|
|
Total Number of Shares Purchased(2)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2)
|
|||||
November 4, 2019 - December 1, 2019
|
|
5,644
|
|
|
$
|
221.41
|
|
|
5,644
|
|
|
4,737,749
|
|
December 2, 2019 - January 5, 2020
|
|
5,629
|
|
|
227.93
|
|
|
5,629
|
|
|
4,732,120
|
|
|
January 6, 2020 - February 2, 2020
|
|
5,474
|
|
|
238.34
|
|
|
5,474
|
|
|
4,726,646
|
|
|
Total
|
|
16,747
|
|
|
|
|
16,747
|
|
|
|
(1)
|
Monthly information is presented by reference to our fiscal periods during our fourth quarter of fiscal 2019.
|
(2)
|
Our Employee Share Purchase Plan (ESPP) was approved by our board of directors and stockholders in September 2007. All shares purchased under the ESPP are purchased on the Nasdaq Global Select Market (or such other stock exchange as we may designate from time to time). Unless our board of directors terminates the ESPP earlier, the ESPP will continue until all shares authorized for purchase under the ESPP have been purchased. The maximum number of shares authorized to be purchased under the ESPP is 6,000,000.
|
|
|
Fiscal Year Ended
|
||||||||||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
|
January 29, 2017
|
|
January 31, 2016
|
||||||||||
|
|
(In thousands, except per share data)
|
||||||||||||||||||
Consolidated statement of operations and comprehensive income data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenue
|
|
$
|
3,979,296
|
|
|
$
|
3,288,319
|
|
|
$
|
2,649,181
|
|
|
$
|
2,344,392
|
|
|
$
|
2,060,523
|
|
Cost of goods sold
|
|
1,755,910
|
|
|
1,472,032
|
|
|
1,250,391
|
|
|
1,144,775
|
|
|
1,063,357
|
|
|||||
Gross profit
|
|
2,223,386
|
|
|
1,816,287
|
|
|
1,398,790
|
|
|
1,199,617
|
|
|
997,166
|
|
|||||
Selling, general and administrative expenses
|
|
1,334,276
|
|
|
1,110,451
|
|
|
904,264
|
|
|
778,465
|
|
|
628,090
|
|
|||||
Asset impairment and restructuring costs
|
|
—
|
|
|
—
|
|
|
38,525
|
|
|
—
|
|
|
—
|
|
|||||
Income from operations
|
|
889,110
|
|
|
705,836
|
|
|
456,001
|
|
|
421,152
|
|
|
369,076
|
|
|||||
Other income (expense), net
|
|
8,283
|
|
|
9,414
|
|
|
3,997
|
|
|
1,577
|
|
|
(581
|
)
|
|||||
Income before income tax expense
|
|
897,393
|
|
|
715,250
|
|
|
459,998
|
|
|
422,729
|
|
|
368,495
|
|
|||||
Income tax expense
|
|
251,797
|
|
|
231,449
|
|
|
201,336
|
|
|
119,348
|
|
|
102,448
|
|
|||||
Net income
|
|
$
|
645,596
|
|
|
$
|
483,801
|
|
|
$
|
258,662
|
|
|
$
|
303,381
|
|
|
$
|
266,047
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation adjustment
|
|
(7,773
|
)
|
|
(73,885
|
)
|
|
58,577
|
|
|
36,703
|
|
|
(64,796
|
)
|
|||||
Comprehensive income
|
|
$
|
637,823
|
|
|
$
|
409,916
|
|
|
$
|
317,239
|
|
|
$
|
340,084
|
|
|
$
|
201,251
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share
|
|
$
|
4.95
|
|
|
$
|
3.63
|
|
|
$
|
1.90
|
|
|
$
|
2.21
|
|
|
$
|
1.90
|
|
Diluted earnings per share
|
|
$
|
4.93
|
|
|
$
|
3.61
|
|
|
$
|
1.90
|
|
|
$
|
2.21
|
|
|
$
|
1.89
|
|
Basic weighted-average number of shares outstanding
|
|
130,393
|
|
|
133,413
|
|
|
135,988
|
|
|
137,086
|
|
|
140,365
|
|
|||||
Diluted weighted-average number of shares outstanding
|
|
130,955
|
|
|
133,971
|
|
|
136,198
|
|
|
137,302
|
|
|
140,610
|
|
|
|
As of
|
||||||||||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
|
January 29, 2017
|
|
January 31, 2016
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Consolidated balance sheet data1:
|
|
|
||||||||||||||||||
Cash and cash equivalents
|
|
$
|
1,093,505
|
|
|
$
|
881,320
|
|
|
$
|
990,501
|
|
|
$
|
734,846
|
|
|
$
|
501,482
|
|
Inventories
|
|
518,513
|
|
|
404,842
|
|
|
329,562
|
|
|
298,432
|
|
|
284,009
|
|
|||||
Total assets
|
|
3,281,354
|
|
|
2,084,711
|
|
|
1,998,483
|
|
|
1,657,541
|
|
|
1,314,077
|
|
|||||
Total liabilities
|
|
1,329,136
|
|
|
638,736
|
|
|
401,523
|
|
|
297,568
|
|
|
286,595
|
|
|||||
Total stockholders' equity
|
|
1,952,218
|
|
|
1,445,975
|
|
|
1,596,960
|
|
|
1,359,973
|
|
|
1,027,482
|
|
(1)
|
We adopted ASC 842 on February 4, 2019 using the modified retrospective approach with no restatement of comparative periods. See Note 2 to the audited consolidated financial statements included in Item 8 of Part II of this report for additional information.
|
•
|
Net revenue increased 21% to $4.0 billion. On a constant dollar basis, net revenue increased 22%.
|
•
|
Total comparable sales, which includes comparable store sales and direct to consumer, increased 17%. On a constant dollar basis, total comparable sales increased 18%.
|
–
|
Comparable store sales increased 9%, or increased 10% on a constant dollar basis.
|
–
|
Direct to consumer net revenue increased 35%, or increased 35% on a constant dollar basis.
|
•
|
Gross profit increased 22% to $2.2 billion.
|
•
|
Gross margin increased 70 basis points to 55.9%.
|
•
|
Income from operations increased 26% to $889.1 million.
|
•
|
Operating margin increased 80 basis points to 22.3%.
|
•
|
Income tax expense increased 9% to $251.8 million. Our effective tax rate for fiscal 2019 was 28.1% compared to 32.4% for fiscal 2018. The adjusted effective tax rate was 28.0% for fiscal 2018.
|
•
|
Diluted earnings per share were $4.93 for fiscal 2019 compared to $3.61 in fiscal 2018. Adjusted diluted earnings per share were $3.84 for fiscal 2018.
|
|
|
Fiscal Year Ended
|
||||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
February 2, 2020
|
|
February 3, 2019
|
||||||
|
|
(In thousands)
|
|
(Percentages)
|
||||||||||
Net revenue
|
|
$
|
3,979,296
|
|
|
$
|
3,288,319
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
|
1,755,910
|
|
|
1,472,032
|
|
|
44.1
|
|
|
44.8
|
|
||
Gross profit
|
|
2,223,386
|
|
|
1,816,287
|
|
|
55.9
|
|
|
55.2
|
|
||
Selling, general and administrative expenses
|
|
1,334,276
|
|
|
1,110,451
|
|
|
33.5
|
|
|
33.8
|
|
||
Income from operations
|
|
889,110
|
|
|
705,836
|
|
|
22.3
|
|
|
21.5
|
|
||
Other income (expense), net
|
|
8,283
|
|
|
9,414
|
|
|
0.2
|
|
|
0.3
|
|
||
Income before income tax expense
|
|
897,393
|
|
|
715,250
|
|
|
22.6
|
|
|
21.8
|
|
||
Income tax expense
|
|
251,797
|
|
|
231,449
|
|
|
6.3
|
|
|
7.0
|
|
||
Net income
|
|
$
|
645,596
|
|
|
$
|
483,801
|
|
|
16.2
|
%
|
|
14.7
|
%
|
|
|
Fiscal Years Ended February 2, 2020 and February 3, 2019
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
|
|
(In thousands)
|
|
(Percentages)
|
||||||||||
Company-operated stores
|
|
$
|
2,501,067
|
|
|
$
|
2,126,363
|
|
|
62.9
|
%
|
|
64.7
|
%
|
Direct to consumer
|
|
1,137,822
|
|
|
858,856
|
|
|
28.6
|
|
|
26.1
|
|
||
Other
|
|
340,407
|
|
|
303,100
|
|
|
8.6
|
|
|
9.2
|
|
||
Net revenue
|
|
$
|
3,979,296
|
|
|
$
|
3,288,319
|
|
|
100.0
|
%
|
|
100.0
|
%
|
•
|
Net revenue from company-operated stores we opened or significantly expanded subsequent to February 3, 2019, and are therefore not included in comparable store sales, increased net revenue by $238.5 million. During fiscal 2019 we opened 51 net new company-operated stores, including 24 stores in Asia Pacific, 19 stores in North America, and eight stores in Europe.
|
•
|
Based on a shifted calendar, a comparable store sales increase of 9% in fiscal 2019 compared to fiscal 2018. Comparable store sales increased 10% on a constant dollar basis. The increase in comparable store sales was primarily a result of increased store traffic and improved conversion rates.
|
•
|
an increase in costs related to our operating channels of $136.6 million, comprised of:
|
–
|
an increase in employee costs of $64.7 million primarily from a growth in labor hours and benefits, mainly associated with new company-operated stores and other new operating locations, and due to higher incentive compensation expenses;
|
–
|
an increase in variable costs of $49.2 million primarily due to an increase in distribution costs, credit card fees, and packaging costs as a result of increased net revenue; and
|
–
|
an increase in other costs of $22.8 million primarily due to increases in digital marketing expenses, information technology costs, security, and other costs associated with our operating locations;
|
•
|
an increase in head office costs of $84.3 million, comprised of:
|
–
|
an increase in employee costs of $43.0 million primarily due to increased incentive and stock-based compensation expense and due to increased wages, primarily from additional employees to support the growth in our business; and
|
–
|
an increase in other costs of $41.3 million primarily due to increases in depreciation, information technology costs, professional fees, brand and community costs, and other head office costs; and
|
•
|
an increase in net foreign exchange and derivative revaluation losses of $2.9 million. There were net foreign exchange and derivative revaluation losses of $1.5 million in fiscal 2019 compared to net foreign exchange revaluation gains of $1.4 million in fiscal 2018.
|
|
|
Fiscal Years Ended February 2, 2020 and February 3, 2019
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
|
|
(In thousands)
|
|
(Percentages)
|
||||||||||
Segmented income from operations:
|
|
|
|
|
|
|
|
|
||||||
Company-operated stores
|
|
$
|
689,339
|
|
|
$
|
575,536
|
|
|
27.6
|
%
|
|
27.1
|
%
|
Direct to consumer
|
|
482,368
|
|
|
354,107
|
|
|
42.4
|
|
|
41.2
|
|
||
Other
|
|
72,559
|
|
|
62,558
|
|
|
21.3
|
|
|
20.6
|
|
||
|
|
1,244,266
|
|
|
992,201
|
|
|
|
|
|
||||
General corporate expenses
|
|
355,156
|
|
|
286,365
|
|
|
|
|
|
||||
Income from operations
|
|
$
|
889,110
|
|
|
$
|
705,836
|
|
|
|
|
|
•
|
the location of new stores relative to existing stores;
|
•
|
consumer preferences, buying trends, foot traffic in the malls in which our stores are located, and overall economic trends;
|
•
|
our ability to anticipate and respond effectively to customer preferences for technical athletic apparel;
|
•
|
competition;
|
•
|
changes in our merchandise mix;
|
•
|
pricing;
|
•
|
the timing of our releases of new merchandise and promotional events;
|
•
|
the effectiveness of our marketing efforts;
|
•
|
the design and ease of use of our websites and mobile apps;
|
•
|
the level of customer service that we provide in our stores and on our websites and mobile apps;
|
•
|
our ability to source and distribute products efficiently; and
|
•
|
the number of stores we open, close (including for temporary renovations), and expand in any period.
|
|
|
Fiscal Year Ended
February 2, 2020 |
|||||
|
|
(In thousands)
|
|
(Percentages)
|
|||
Change
|
|
$
|
690,977
|
|
|
21
|
%
|
Adjustments due to foreign exchange rate changes
|
|
27,487
|
|
|
1
|
|
|
Change in constant dollars
|
|
$
|
718,464
|
|
|
22
|
%
|
|
|
Fiscal Year Ended
February 2, 2020 |
|||||||
|
|
Total Comparable Sales1,2
|
|
Comparable Store Sales2
|
|
Direct to Consumer Net Revenue
|
|||
Change
|
|
17
|
%
|
|
9
|
%
|
|
35
|
%
|
Adjustments due to foreign exchange rate changes
|
|
1
|
|
|
1
|
|
|
—
|
|
Change in constant dollars
|
|
18
|
%
|
|
10
|
%
|
|
35
|
%
|
(1)
|
Total comparable sales includes comparable store sales and direct to consumer sales.
|
(2)
|
Comparable store sales reflects net revenue from company-operated stores that have been open for at least 12 full fiscal months, or open for at least 12 full fiscal months after being significantly expanded.
|
|
|
Fiscal Year Ended February 3, 2019
|
||||||||||||||
|
|
GAAP Amounts
|
|
Adjustments
|
|
Adjusted Amounts
(Non-GAAP) |
||||||||||
|
|
|
Tax on Repatriation of Foreign Earnings
|
|
U.S. Tax Reform
|
|
||||||||||
|
|
(In thousands, except per share amounts)
|
||||||||||||||
Income tax expense
|
|
$
|
231,449
|
|
|
$
|
(23,714
|
)
|
|
$
|
(7,464
|
)
|
|
$
|
200,271
|
|
Effective tax rate
|
|
32.4
|
%
|
|
(3.3
|
)%
|
|
(1.1
|
)%
|
|
28.0
|
%
|
||||
Diluted earnings per share
|
|
$
|
3.61
|
|
|
$
|
0.18
|
|
|
$
|
0.05
|
|
|
$
|
3.84
|
|
|
|
Fiscal Year Ended
|
||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
||||
|
|
(In thousands)
|
||||||
Total cash provided by (used in):
|
|
|
|
|
||||
Operating activities
|
|
$
|
669,316
|
|
|
$
|
742,779
|
|
Investing activities
|
|
(278,408
|
)
|
|
(242,794
|
)
|
||
Financing activities
|
|
(177,173
|
)
|
|
(590,214
|
)
|
||
Effect of exchange rate changes on cash
|
|
(1,550
|
)
|
|
(18,952
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
|
$
|
212,185
|
|
|
$
|
(109,181
|
)
|
•
|
an increase in cash used in operating activities of $306.9 million as a result of changes in operating assets and liabilities, primarily due to the following:
|
–
|
$115.9 million related to income taxes, primarily due to payments for withholding taxes on repatriated foreign earnings, as well as timing of tax installments;
|
–
|
$86.8 million related to accounts payable, primarily due to a change in our payment terms in the prior fiscal year;
|
–
|
$51.0 million related to other prepaid expenses and other current and non-current assets; and
|
–
|
$45.6 million related to inventory, primarily due to an increase in inventory purchases to support our growth.
|
|
|
Payments Due by Fiscal Year
|
||||||||||||||||||||||||||
|
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||||||
Operating leases (minimum rent)
|
|
$
|
826,096
|
|
|
$
|
152,440
|
|
|
$
|
161,519
|
|
|
$
|
138,188
|
|
|
$
|
111,877
|
|
|
$
|
87,275
|
|
|
$
|
174,797
|
|
Purchase obligations
|
|
346,542
|
|
|
298,039
|
|
|
4,638
|
|
|
4,538
|
|
|
4,538
|
|
|
15,126
|
|
|
19,663
|
|
|||||||
One-time transition tax payable
|
|
53,302
|
|
|
5,076
|
|
|
5,076
|
|
|
5,076
|
|
|
9,518
|
|
|
12,691
|
|
|
15,865
|
|
Furniture and fixtures
|
|
20%
|
Computer hardware and software
|
|
20% - 30%
|
Equipment and vehicles
|
|
30%
|
•
|
the following impacts to the consolidated statements of operations:
|
–
|
a decrease in our net revenue upon translation of the sales made by our Canadian operations into U.S. dollars for the purposes of consolidation;
|
–
|
a decrease in our selling, general and administrative expenses incurred by our Canadian operations upon translation into U.S. dollars for the purposes of consolidation;
|
–
|
foreign exchange revaluation gains by our Canadian subsidiaries on U.S. dollar denominated monetary assets and liabilities; and
|
–
|
derivative valuation losses on forward currency contracts not designated in a hedging relationship;
|
•
|
the following impacts to the consolidated balance sheets:
|
–
|
a decrease in the foreign currency translation adjustment which arises on the translation of our Canadian subsidiaries' balance sheets into U.S. dollars; and
|
–
|
an increase in the foreign currency translation adjustment from derivative valuation losses on forward currency contracts, entered into as net investment hedges of a Canadian subsidiary.
|
/s/ PricewaterhouseCoopers LLP
|
Chartered Professional Accountants
|
Vancouver, Canada
|
March 26, 2020
|
|
|
February 2,
2020 |
|
February 3,
2019 |
||||
ASSETS
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,093,505
|
|
|
$
|
881,320
|
|
Accounts receivable
|
|
40,219
|
|
|
35,786
|
|
||
Inventories
|
|
518,513
|
|
|
404,842
|
|
||
Prepaid and receivable income taxes
|
|
85,159
|
|
|
49,385
|
|
||
Other prepaid expenses and other current assets
|
|
70,542
|
|
|
57,949
|
|
||
|
|
1,807,938
|
|
|
1,429,282
|
|
||
Property and equipment, net
|
|
671,693
|
|
|
567,237
|
|
||
Right-of-use lease assets
|
|
689,664
|
|
|
—
|
|
||
Goodwill and intangible assets, net
|
|
24,423
|
|
|
24,239
|
|
||
Deferred income tax assets
|
|
31,435
|
|
|
26,549
|
|
||
Other non-current assets
|
|
56,201
|
|
|
37,404
|
|
||
|
|
$
|
3,281,354
|
|
|
$
|
2,084,711
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
79,997
|
|
|
$
|
95,533
|
|
Accrued inventory liabilities
|
|
6,344
|
|
|
16,241
|
|
||
Accrued compensation and related expenses
|
|
133,688
|
|
|
109,181
|
|
||
Current lease liabilities
|
|
128,497
|
|
|
—
|
|
||
Current income taxes payable
|
|
26,436
|
|
|
67,412
|
|
||
Unredeemed gift card liability
|
|
120,413
|
|
|
99,412
|
|
||
Other current liabilities
|
|
125,043
|
|
|
112,698
|
|
||
|
|
620,418
|
|
|
500,477
|
|
||
Non-current lease liabilities
|
|
611,464
|
|
|
—
|
|
||
Non-current income taxes payable
|
|
48,226
|
|
|
42,099
|
|
||
Deferred income tax liabilities
|
|
43,432
|
|
|
14,249
|
|
||
Other non-current liabilities
|
|
5,596
|
|
|
81,911
|
|
||
|
|
1,329,136
|
|
|
638,736
|
|
||
Commitments and contingencies
|
|
|
|
|
||||
Stockholders' equity
|
|
|
|
|
||||
Undesignated preferred stock, $0.01 par value: 5,000 shares authorized; none issued and outstanding
|
|
—
|
|
|
—
|
|
||
Exchangeable stock, no par value: 60,000 shares authorized; 6,227 and 9,332 issued and outstanding
|
|
—
|
|
|
—
|
|
||
Special voting stock, $0.000005 par value: 60,000 shares authorized; 6,227 and 9,332 issued and outstanding
|
|
—
|
|
|
—
|
|
||
Common stock, $0.005 par value: 400,000 shares authorized; 124,122 and 121,600 issued and outstanding
|
|
621
|
|
|
608
|
|
||
Additional paid-in capital
|
|
355,541
|
|
|
315,285
|
|
||
Retained earnings
|
|
1,820,637
|
|
|
1,346,890
|
|
||
Accumulated other comprehensive loss
|
|
(224,581
|
)
|
|
(216,808
|
)
|
||
|
|
1,952,218
|
|
|
1,445,975
|
|
||
|
|
$
|
3,281,354
|
|
|
$
|
2,084,711
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2,
2020 |
|
February 3,
2019 |
|
January 28,
2018 |
||||||
Net revenue
|
|
$
|
3,979,296
|
|
|
$
|
3,288,319
|
|
|
$
|
2,649,181
|
|
Cost of goods sold
|
|
1,755,910
|
|
|
1,472,032
|
|
|
1,250,391
|
|
|||
Gross profit
|
|
2,223,386
|
|
|
1,816,287
|
|
|
1,398,790
|
|
|||
Selling, general and administrative expenses
|
|
1,334,276
|
|
|
1,110,451
|
|
|
904,264
|
|
|||
Asset impairment and restructuring costs
|
|
—
|
|
|
—
|
|
|
38,525
|
|
|||
Income from operations
|
|
889,110
|
|
|
705,836
|
|
|
456,001
|
|
|||
Other income (expense), net
|
|
8,283
|
|
|
9,414
|
|
|
3,997
|
|
|||
Income before income tax expense
|
|
897,393
|
|
|
715,250
|
|
|
459,998
|
|
|||
Income tax expense
|
|
251,797
|
|
|
231,449
|
|
|
201,336
|
|
|||
Net income
|
|
$
|
645,596
|
|
|
$
|
483,801
|
|
|
$
|
258,662
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
|
(7,773
|
)
|
|
(73,885
|
)
|
|
58,577
|
|
|||
Comprehensive income
|
|
$
|
637,823
|
|
|
$
|
409,916
|
|
|
$
|
317,239
|
|
|
|
|
|
|
|
|
||||||
Basic earnings per share
|
|
$
|
4.95
|
|
|
$
|
3.63
|
|
|
$
|
1.90
|
|
Diluted earnings per share
|
|
$
|
4.93
|
|
|
$
|
3.61
|
|
|
$
|
1.90
|
|
Basic weighted-average number of shares outstanding
|
|
130,393
|
|
|
133,413
|
|
|
135,988
|
|
|||
Diluted weighted-average number of shares outstanding
|
|
130,955
|
|
|
133,971
|
|
|
136,198
|
|
|
|
Exchangeable Stock
|
|
Special Voting Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total
|
|||||||||||||||||||
|
|
Shares
|
|
Shares
|
|
Par Value
|
|
Shares
|
|
Par Value
|
|
|
|
|
|||||||||||||||||||
Balance at January 29, 2017
|
|
9,781
|
|
|
9,781
|
|
|
$
|
—
|
|
|
127,304
|
|
|
$
|
637
|
|
|
$
|
266,622
|
|
|
$
|
1,294,214
|
|
|
$
|
(201,500
|
)
|
|
$
|
1,359,973
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
258,662
|
|
|
|
|
258,662
|
|
|||||||||||||
Foreign currency translation adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,577
|
|
|
58,577
|
|
|||||||||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
17,610
|
|
|
|
|
|
|
17,610
|
|
|||||||||||||
Common stock issued upon settlement of stock-based compensation
|
|
|
|
|
|
|
|
267
|
|
|
1
|
|
|
5,627
|
|
|
|
|
|
|
5,628
|
|
|||||||||||
Shares withheld related to net share settlement of stock-based compensation
|
|
|
|
|
|
|
|
(60
|
)
|
|
—
|
|
|
(3,229
|
)
|
|
|
|
|
|
(3,229
|
)
|
|||||||||||
Repurchase of common stock
|
|
|
|
|
|
|
|
(1,861
|
)
|
|
(10
|
)
|
|
(2,377
|
)
|
|
(97,874
|
)
|
|
|
|
(100,261
|
)
|
||||||||||
Balance at January 28, 2018
|
|
9,781
|
|
|
9,781
|
|
|
$
|
—
|
|
|
125,650
|
|
|
$
|
628
|
|
|
$
|
284,253
|
|
|
$
|
1,455,002
|
|
|
$
|
(142,923
|
)
|
|
$
|
1,596,960
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
483,801
|
|
|
|
|
483,801
|
|
|||||||||||||
Foreign currency translation adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(73,885
|
)
|
|
(73,885
|
)
|
|||||||||||||
Common stock issued upon exchange of exchangeable shares
|
|
(449
|
)
|
|
(449
|
)
|
|
—
|
|
|
449
|
|
|
2
|
|
|
(2
|
)
|
|
|
|
|
|
—
|
|
||||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
28,568
|
|
|
|
|
|
|
28,568
|
|
|||||||||||||
Common stock issued upon settlement of stock-based compensation
|
|
|
|
|
|
|
|
535
|
|
|
3
|
|
|
17,647
|
|
|
|
|
|
|
17,650
|
|
|||||||||||
Shares withheld related to net share settlement of stock-based compensation
|
|
|
|
|
|
|
|
(94
|
)
|
|
—
|
|
|
(8,779
|
)
|
|
|
|
|
|
(8,779
|
)
|
|||||||||||
Repurchase of common stock
|
|
|
|
|
|
|
|
(4,940
|
)
|
|
(25
|
)
|
|
(6,402
|
)
|
|
(591,913
|
)
|
|
|
|
(598,340
|
)
|
||||||||||
Balance at February 3, 2019
|
|
9,332
|
|
|
9,332
|
|
|
$
|
—
|
|
|
121,600
|
|
|
$
|
608
|
|
|
$
|
315,285
|
|
|
$
|
1,346,890
|
|
|
$
|
(216,808
|
)
|
|
$
|
1,445,975
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
645,596
|
|
|
|
|
645,596
|
|
|||||||||||||
Foreign currency translation adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,773
|
)
|
|
(7,773
|
)
|
|||||||||||||
Common stock issued upon exchange of exchangeable shares
|
|
(3,105
|
)
|
|
(3,105
|
)
|
|
—
|
|
|
3,105
|
|
|
16
|
|
|
(16
|
)
|
|
|
|
|
|
—
|
|
||||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
45,593
|
|
|
|
|
|
|
45,593
|
|
|||||||||||||
Common stock issued upon settlement of stock-based compensation
|
|
|
|
|
|
|
|
603
|
|
|
3
|
|
|
18,167
|
|
|
|
|
|
|
18,170
|
|
|||||||||||
Shares withheld related to net share settlement of stock-based compensation
|
|
|
|
|
|
|
|
(130
|
)
|
|
(1
|
)
|
|
(21,943
|
)
|
|
|
|
|
|
(21,944
|
)
|
|||||||||||
Repurchase of common stock
|
|
|
|
|
|
|
|
(1,056
|
)
|
|
(5
|
)
|
|
(1,545
|
)
|
|
(171,849
|
)
|
|
|
|
(173,399
|
)
|
||||||||||
Balance at February 2, 2020
|
|
6,227
|
|
|
6,227
|
|
|
$
|
—
|
|
|
124,122
|
|
|
$
|
621
|
|
|
$
|
355,541
|
|
|
$
|
1,820,637
|
|
|
$
|
(224,581
|
)
|
|
$
|
1,952,218
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2,
2020 |
|
February 3,
2019 |
|
January 28,
2018 |
||||||
Cash flows from operating activities
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
645,596
|
|
|
$
|
483,801
|
|
|
$
|
258,662
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
161,933
|
|
|
122,484
|
|
|
108,235
|
|
|||
Stock-based compensation expense
|
|
45,593
|
|
|
28,568
|
|
|
17,610
|
|
|||
Derecognition of unredeemed gift card liability
|
|
(11,939
|
)
|
|
(6,859
|
)
|
|
(6,202
|
)
|
|||
Asset impairment for ivivva restructuring
|
|
—
|
|
|
—
|
|
|
11,593
|
|
|||
Settlement of derivatives not designated in a hedging relationship
|
|
(1,925
|
)
|
|
(14,876
|
)
|
|
6,227
|
|
|||
Deferred income taxes
|
|
24,129
|
|
|
16,786
|
|
|
(11,416
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
Inventories
|
|
(117,591
|
)
|
|
(85,942
|
)
|
|
(21,178
|
)
|
|||
Prepaid and receivable income taxes
|
|
(35,775
|
)
|
|
(437
|
)
|
|
32,242
|
|
|||
Other prepaid expenses and other current and non-current assets
|
|
(81,606
|
)
|
|
(30,653
|
)
|
|
(7,755
|
)
|
|||
Accounts payable
|
|
(14,810
|
)
|
|
71,962
|
|
|
(1,551
|
)
|
|||
Accrued inventory liabilities
|
|
(9,598
|
)
|
|
4,312
|
|
|
3,680
|
|
|||
Accrued compensation and related expenses
|
|
25,326
|
|
|
41,600
|
|
|
12,873
|
|
|||
Current income taxes payable
|
|
(40,264
|
)
|
|
52,597
|
|
|
(16,470
|
)
|
|||
Unredeemed gift card liability
|
|
33,289
|
|
|
24,885
|
|
|
17,282
|
|
|||
Non-current income taxes payable
|
|
6,127
|
|
|
(6,169
|
)
|
|
48,268
|
|
|||
Right-of-use lease assets and current and non-current lease liabilities
|
|
17,422
|
|
|
—
|
|
|
—
|
|
|||
Other current and non-current liabilities
|
|
23,409
|
|
|
40,720
|
|
|
37,237
|
|
|||
Net cash provided by operating activities
|
|
669,316
|
|
|
742,779
|
|
|
489,337
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
|
||||||
Purchase of property and equipment
|
|
(283,048
|
)
|
|
(225,807
|
)
|
|
(157,864
|
)
|
|||
Settlement of net investment hedges
|
|
347
|
|
|
(16,216
|
)
|
|
(7,203
|
)
|
|||
Other investing activities
|
|
4,293
|
|
|
(771
|
)
|
|
(8,325
|
)
|
|||
Net cash used in investing activities
|
|
(278,408
|
)
|
|
(242,794
|
)
|
|
(173,392
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
|
||||||
Proceeds from settlement of stock-based compensation
|
|
18,170
|
|
|
17,650
|
|
|
5,628
|
|
|||
Taxes paid related to net share settlement of stock-based compensation
|
|
(21,944
|
)
|
|
(8,779
|
)
|
|
(3,229
|
)
|
|||
Repurchase of common stock
|
|
(173,399
|
)
|
|
(598,340
|
)
|
|
(100,261
|
)
|
|||
Other financing activities
|
|
—
|
|
|
(745
|
)
|
|
—
|
|
|||
Net cash used in financing activities
|
|
(177,173
|
)
|
|
(590,214
|
)
|
|
(97,862
|
)
|
|||
Effect of exchange rate changes on cash
|
|
(1,550
|
)
|
|
(18,952
|
)
|
|
37,572
|
|
|||
Increase (decrease) in cash and cash equivalents
|
|
212,185
|
|
|
(109,181
|
)
|
|
255,655
|
|
|||
Cash and cash equivalents, beginning of period
|
|
$
|
881,320
|
|
|
$
|
990,501
|
|
|
$
|
734,846
|
|
Cash and cash equivalents, end of period
|
|
$
|
1,093,505
|
|
|
$
|
881,320
|
|
|
$
|
990,501
|
|
Note 1
|
||
Note 2
|
||
Note 3
|
||
Note 4
|
||
Note 5
|
||
Note 6
|
||
Note 7
|
||
Note 8
|
||
Note 9
|
||
Note 10
|
||
Note 11
|
||
Note 12
|
||
Note 13
|
||
Note 14
|
||
Note 15
|
||
Note 16
|
||
Note 17
|
||
Note 18
|
||
Note 19
|
||
Note 20
|
||
Note 21
|
Furniture and fixtures
|
|
20%
|
Computer hardware and software
|
|
20% - 30%
|
Equipment and vehicles
|
|
30%
|
•
|
the cost of purchased merchandise, which includes acquisition and production costs including raw material and labor, as applicable;
|
•
|
the cost incurred to deliver inventory to the Company's distribution centers including freight, non-refundable taxes, duty, and other landing costs;
|
•
|
the cost of the Company's distribution centers, such as labor, rent, utilities, and depreciation;
|
•
|
the cost of the Company's production, design, research and development, distribution, and merchandising departments including salaries, stock-based compensation and benefits, and other expenses;
|
•
|
occupancy costs such as minimum rent, contingent rent where applicable, property taxes, utilities, and depreciation expense for the Company's company-operated store locations;
|
•
|
hemming; and
|
•
|
shrink and inventory provision expense.
|
•
|
Level 1 - defined as observable inputs such as quoted prices in active markets;
|
•
|
Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
|
•
|
Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
|
|
|
February 2, 2020
|
|
February 3, 2019
|
||||
|
|
(In thousands)
|
||||||
Finished goods
|
|
$
|
540,580
|
|
|
$
|
420,931
|
|
Provision to reduce inventories to net realizable value
|
|
(22,067
|
)
|
|
(16,089
|
)
|
||
Inventories
|
|
$
|
518,513
|
|
|
$
|
404,842
|
|
|
|
February 2, 2020
|
|
February 3, 2019
|
||||
|
|
(In thousands)
|
||||||
Land
|
|
$
|
71,829
|
|
|
$
|
78,636
|
|
Buildings
|
|
30,187
|
|
|
38,030
|
|
||
Leasehold improvements
|
|
489,202
|
|
|
362,571
|
|
||
Furniture and fixtures
|
|
109,533
|
|
|
103,733
|
|
||
Computer hardware
|
|
95,399
|
|
|
69,542
|
|
||
Computer software
|
|
336,768
|
|
|
230,689
|
|
||
Equipment and vehicles
|
|
19,521
|
|
|
15,009
|
|
||
Work in progress
|
|
40,930
|
|
|
74,271
|
|
||
Property and equipment, gross
|
|
1,193,369
|
|
|
972,481
|
|
||
Accumulated depreciation
|
|
(521,676
|
)
|
|
(405,244
|
)
|
||
Property and equipment, net
|
|
$
|
671,693
|
|
|
$
|
567,237
|
|
|
|
February 2, 2020
|
|
February 3, 2019
|
||||
|
|
(In thousands)
|
||||||
Cloud computing arrangement implementation costs
|
|
$
|
24,648
|
|
|
$
|
2,395
|
|
Security deposits
|
|
19,901
|
|
|
15,793
|
|
||
Deferred lease assets
|
|
—
|
|
|
9,286
|
|
||
Other
|
|
11,652
|
|
|
9,930
|
|
||
Other non-current assets
|
|
$
|
56,201
|
|
|
$
|
37,404
|
|
|
|
February 2, 2020
|
|
February 3, 2019
|
||||
|
|
(In thousands)
|
||||||
Accrued duty, freight, and other operating expenses
|
|
$
|
59,403
|
|
|
$
|
49,945
|
|
Sales tax collected
|
|
17,370
|
|
|
16,091
|
|
||
Deferred revenue
|
|
12,705
|
|
|
8,045
|
|
||
Sales return allowances
|
|
12,897
|
|
|
11,318
|
|
||
Accrued rent
|
|
8,356
|
|
|
7,331
|
|
||
Accrued capital expenditures
|
|
5,457
|
|
|
11,295
|
|
||
Forward currency contract liabilities
|
|
1,920
|
|
|
1,042
|
|
||
Lease termination liabilities
|
|
182
|
|
|
2,293
|
|
||
Other
|
|
6,753
|
|
|
5,338
|
|
||
Other current liabilities
|
|
$
|
125,043
|
|
|
$
|
112,698
|
|
|
|
February 2, 2020
|
|
February 3, 2019
|
||||
|
|
(In thousands)
|
||||||
Tenant inducements
|
|
$
|
—
|
|
|
$
|
42,138
|
|
Deferred lease liabilities
|
|
—
|
|
|
33,406
|
|
||
Other
|
|
5,596
|
|
|
6,367
|
|
||
Other non-current liabilities
|
|
$
|
5,596
|
|
|
$
|
81,911
|
|
|
|
Stock Options
|
|
Performance-Based Restricted Stock Units
|
|
Restricted Shares
|
|
Restricted Stock Units
|
|
Restricted Stock Units
(Liability Accounting)
|
|||||||||||||||||||||||||
|
|
Number
|
|
Weighted-Average Exercise Price
|
|
Number
|
|
Weighted-Average Grant Date Fair Value
|
|
Number
|
|
Weighted-Average Grant Date Fair Value
|
|
Number
|
|
Weighted-Average Grant Date Fair Value
|
|
Number
|
|
Weighted-Average Fair Value
|
|||||||||||||||
|
|
(In thousands, except per share amounts)
|
|||||||||||||||||||||||||||||||||
Balance at January 29, 2017
|
|
918
|
|
|
$
|
59.20
|
|
|
390
|
|
|
$
|
61.05
|
|
|
14
|
|
|
$
|
70.54
|
|
|
360
|
|
|
$
|
62.99
|
|
|
—
|
|
|
$
|
—
|
|
Granted
|
|
619
|
|
|
52.34
|
|
|
192
|
|
|
52.38
|
|
|
24
|
|
|
52.38
|
|
|
336
|
|
|
52.83
|
|
|
—
|
|
|
—
|
|
|||||
Exercised/vested
|
|
109
|
|
|
51.62
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
70.29
|
|
|
135
|
|
|
60.64
|
|
|
—
|
|
|
—
|
|
|||||
Forfeited/expired
|
|
311
|
|
|
58.09
|
|
|
253
|
|
|
55.30
|
|
|
3
|
|
|
51.72
|
|
|
134
|
|
|
57.28
|
|
|
—
|
|
|
—
|
|
|||||
Balance at January 28, 2018
|
|
1,117
|
|
|
$
|
56.44
|
|
|
329
|
|
|
$
|
60.42
|
|
|
21
|
|
|
$
|
52.45
|
|
|
427
|
|
|
$
|
57.54
|
|
|
—
|
|
|
$
|
—
|
|
Granted
|
|
388
|
|
|
96.96
|
|
|
123
|
|
|
102.49
|
|
|
6
|
|
|
124.19
|
|
|
257
|
|
|
88.75
|
|
|
44
|
|
|
136.67
|
|
|||||
Exercised/vested
|
|
316
|
|
|
56.29
|
|
|
39
|
|
|
63.04
|
|
|
21
|
|
|
52.45
|
|
|
174
|
|
|
58.94
|
|
|
—
|
|
|
—
|
|
|||||
Forfeited/expired
|
|
319
|
|
|
59.76
|
|
|
133
|
|
|
61.71
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
66.90
|
|
|
—
|
|
|
—
|
|
|||||
Balance at February 3, 2019
|
|
870
|
|
|
$
|
73.34
|
|
|
280
|
|
|
$
|
78.01
|
|
|
6
|
|
|
$
|
124.19
|
|
|
440
|
|
|
$
|
73.73
|
|
|
44
|
|
|
$
|
146.12
|
|
Granted
|
|
325
|
|
|
168.14
|
|
|
93
|
|
|
142.33
|
|
|
7
|
|
|
175.82
|
|
|
124
|
|
|
170.15
|
|
|
—
|
|
|
—
|
|
|||||
Exercised/vested
|
|
299
|
|
|
60.75
|
|
|
97
|
|
|
72.04
|
|
|
6
|
|
|
124.19
|
|
|
186
|
|
|
70.69
|
|
|
15
|
|
|
179.67
|
|
|||||
Forfeited/expired
|
|
120
|
|
|
102.37
|
|
|
38
|
|
|
91.03
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
95.46
|
|
|
—
|
|
|
—
|
|
|||||
Balance at February 2, 2020
|
|
776
|
|
|
$
|
113.41
|
|
|
238
|
|
|
$
|
103.52
|
|
|
7
|
|
|
$
|
175.82
|
|
|
333
|
|
|
$
|
108.44
|
|
|
29
|
|
|
$
|
239.39
|
|
|
|
Fiscal Year Ended
|
|||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
|||
Expected term
|
|
3.75 years
|
|
|
3.75 years
|
|
|
4.00 years
|
|
Expected volatility
|
|
38.43
|
%
|
|
36.87
|
%
|
|
38.28
|
%
|
Risk-free interest rate
|
|
2.19
|
%
|
|
2.46
|
%
|
|
1.72
|
%
|
Dividend yield
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
Outstanding
|
|
Exercisable
|
||||||||||||||||
Range of Exercise Prices
|
|
Number of Options
|
|
Weighted-Average Exercise Price
|
|
Weighted-Average Remaining Life (Years)
|
|
Number of Options
|
|
Weighted-Average Exercise Price
|
|
Weighted-Average Remaining Life (Years)
|
||||||||
|
|
(In thousands, except per share amounts and years)
|
||||||||||||||||||
$38.25 - $59.75
|
|
155
|
|
|
$
|
51.91
|
|
|
4.0
|
|
40
|
|
|
$
|
51.88
|
|
|
3.5
|
||
$60.30 - $81.22
|
|
82
|
|
|
70.95
|
|
|
3.8
|
|
28
|
|
|
70.53
|
|
|
3.6
|
||||
$85.96 - $124.19
|
|
180
|
|
|
88.86
|
|
|
5.2
|
|
18
|
|
|
92.25
|
|
|
5.2
|
||||
$136.67 - $155.97
|
|
73
|
|
|
137.35
|
|
|
5.5
|
|
18
|
|
|
137.35
|
|
|
5.5
|
||||
$167.54 - $239.39
|
|
286
|
|
|
168.22
|
|
|
6.2
|
|
—
|
|
|
—
|
|
|
0.0
|
||||
|
|
776
|
|
|
$
|
113.41
|
|
|
5.2
|
|
104
|
|
|
$
|
78.94
|
|
|
4.2
|
||
Intrinsic value
|
|
$
|
97,775
|
|
|
|
|
|
|
$
|
16,704
|
|
|
|
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
||||||
|
|
(In thousands)
|
||||||||||
Stock options
|
|
$
|
36,188
|
|
|
$
|
17,268
|
|
|
$
|
1,856
|
|
Performance-based restricted stock units
|
|
16,003
|
|
|
3,413
|
|
|
—
|
|
|||
Restricted shares
|
|
1,048
|
|
|
2,600
|
|
|
743
|
|
|||
Restricted stock units
|
|
31,300
|
|
|
17,142
|
|
|
7,447
|
|
|||
Restricted stock units (liability accounting)
|
|
2,603
|
|
|
—
|
|
|
—
|
|
|||
|
|
$
|
87,142
|
|
|
$
|
40,423
|
|
|
$
|
10,046
|
|
|
|
February 2, 2020
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Balance Sheet Classification
|
||||||||
|
|
(In thousands)
|
|
|
||||||||||||||
Money market funds
|
|
$
|
610,800
|
|
|
$
|
610,800
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Cash and cash equivalents
|
Term deposits
|
|
203,360
|
|
|
—
|
|
|
203,360
|
|
|
—
|
|
|
Cash and cash equivalents
|
||||
Forward currency contract assets
|
|
1,735
|
|
|
—
|
|
|
1,735
|
|
|
—
|
|
|
Other prepaid expenses and other current assets
|
||||
Forward currency contract liabilities
|
|
1,920
|
|
|
—
|
|
|
1,920
|
|
|
—
|
|
|
Other current liabilities
|
|
|
February 3, 2019
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Balance Sheet Classification
|
||||||||
|
|
(In thousands)
|
|
|
||||||||||||||
Money market funds
|
|
$
|
471,888
|
|
|
$
|
471,888
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Cash and cash equivalents
|
Treasury bills
|
|
99,958
|
|
|
99,958
|
|
|
—
|
|
|
—
|
|
|
Cash and cash equivalents
|
||||
Term deposits
|
|
63,522
|
|
|
—
|
|
|
63,522
|
|
|
—
|
|
|
Cash and cash equivalents
|
||||
Forward currency contract assets
|
|
516
|
|
|
—
|
|
|
516
|
|
|
—
|
|
|
Other prepaid expenses and other current assets
|
||||
Forward currency contract liabilities
|
|
1,042
|
|
|
—
|
|
|
1,042
|
|
|
—
|
|
|
Other current liabilities
|
|
|
February 2, 2020
|
|
February 3, 2019
|
||||||||||||||||||||
|
|
Gross Notional
|
|
Assets
|
|
Liabilities
|
|
Gross Notional
|
|
Assets
|
|
Liabilities
|
||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||
Derivatives designated as net investment hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Forward currency contracts
|
|
$
|
417,000
|
|
|
$
|
1,583
|
|
|
$
|
—
|
|
|
$
|
328,000
|
|
|
$
|
—
|
|
|
$
|
1,042
|
|
Derivatives not designated in a hedging relationship:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Forward currency contracts
|
|
460,000
|
|
|
152
|
|
|
1,920
|
|
|
309,000
|
|
|
516
|
|
|
—
|
|
||||||
Net derivatives recognized on consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Forward currency contracts
|
|
|
|
$
|
1,735
|
|
|
$
|
1,920
|
|
|
|
|
$
|
516
|
|
|
$
|
1,042
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
||||||
|
|
(In thousands)
|
||||||||||
Gains (losses) recognized in foreign currency translation adjustment:
|
|
|
|
|
|
|
||||||
Derivatives designated as net investment hedges
|
|
$
|
2,972
|
|
|
$
|
23,946
|
|
|
$
|
(15,974
|
)
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
||||||
|
|
(In thousands)
|
||||||||||
Gains (losses) recognized in selling, general and administrative expenses:
|
|
|
|
|
|
|
||||||
Foreign exchange gains (losses)
|
|
$
|
2,701
|
|
|
$
|
23,642
|
|
|
$
|
(6,798
|
)
|
Derivatives not designated in a hedging relationship
|
|
(4,209
|
)
|
|
(22,249
|
)
|
|
14,115
|
|
|||
Net foreign exchange and derivative gains (losses)
|
|
$
|
(1,508
|
)
|
|
$
|
1,393
|
|
|
$
|
7,317
|
|
|
|
Fiscal Year Ended
February 2, 2020 |
||
|
|
(In thousands)
|
||
Net lease expense:
|
|
|
||
Operating lease expense
|
|
$
|
176,367
|
|
Short-term lease expense
|
|
9,358
|
|
|
Variable lease expense
|
|
70,957
|
|
|
|
|
$
|
256,682
|
|
|
|
February 2, 2020
|
||
|
|
(In thousands)
|
||
2020
|
|
$
|
152,440
|
|
2021
|
|
161,519
|
|
|
2022
|
|
138,188
|
|
|
2023
|
|
111,877
|
|
|
2024
|
|
87,275
|
|
|
After 2025
|
|
174,797
|
|
|
Future minimum lease payments
|
|
$
|
826,096
|
|
Impact of discounting
|
|
(86,135
|
)
|
|
Present value of lease liabilities
|
|
$
|
739,961
|
|
|
|
|
||
Balance sheet classification:
|
|
|
||
Current lease liabilities
|
|
$
|
128,497
|
|
Non-current lease liabilities
|
|
611,464
|
|
|
|
|
$
|
739,961
|
|
|
|
February 2, 2020
|
|
Weighted-average remaining lease term
|
|
6.07 years
|
|
Weighted-average discount rate
|
|
3.57
|
%
|
|
|
Fiscal Year Ended
|
||||||
|
|
February 3, 2019
|
|
January 28, 2018
|
||||
|
|
(In thousands)
|
||||||
Total rent expense:
|
|
|
|
|
||||
Minimum rent expense
|
|
$
|
161,847
|
|
|
$
|
135,879
|
|
Common area expenses
|
|
23,269
|
|
|
20,016
|
|
||
Rent contingent on sales
|
|
12,846
|
|
|
11,433
|
|
||
|
|
$
|
197,962
|
|
|
$
|
167,328
|
|
|
|
|
|
|
||||
Property taxes for leased locations
|
|
$
|
17,826
|
|
|
$
|
15,766
|
|
|
|
Payments Due by Fiscal Year
|
||||||||||||||||||||||||||
|
|
Total
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||||||
Operating leases (minimum rent)
|
|
$
|
783,913
|
|
|
$
|
169,822
|
|
|
$
|
147,541
|
|
|
$
|
123,032
|
|
|
$
|
99,471
|
|
|
$
|
73,213
|
|
|
$
|
170,834
|
|
|
|
Fiscal Year Ended
January 28, 2018 |
||
|
|
(In thousands)
|
||
Costs recorded in cost of goods sold:
|
|
|
||
Provision to reduce inventories to net realizable value
|
|
$
|
4,945
|
|
Accelerated depreciation
|
|
3,753
|
|
|
|
|
8,698
|
|
|
Costs recorded in operating expenses:
|
|
|
||
Lease termination costs
|
|
21,069
|
|
|
Impairment of property and equipment
|
|
11,593
|
|
|
Employee related costs
|
|
4,226
|
|
|
Other restructuring costs
|
|
1,637
|
|
|
Asset impairment and restructuring costs
|
|
38,525
|
|
|
Restructuring and related costs
|
|
$
|
47,223
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
||||||
|
|
(In thousands)
|
||||||||||
Income before income tax expense
|
|
|
|
|
|
|
||||||
Domestic
|
|
$
|
180,043
|
|
|
$
|
132,563
|
|
|
$
|
123,942
|
|
Foreign
|
|
717,350
|
|
|
582,687
|
|
|
336,056
|
|
|||
|
|
$
|
897,393
|
|
|
$
|
715,250
|
|
|
$
|
459,998
|
|
Current income tax expense
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
45,765
|
|
|
$
|
73,213
|
|
|
$
|
79,724
|
|
State
|
|
11,480
|
|
|
16,153
|
|
|
11,573
|
|
|||
Foreign
|
|
170,158
|
|
|
123,129
|
|
|
109,322
|
|
|||
|
|
$
|
227,403
|
|
|
$
|
212,495
|
|
|
$
|
200,619
|
|
Deferred income tax expense (recovery)
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
(5,683
|
)
|
|
$
|
(13,068
|
)
|
|
$
|
14,443
|
|
State
|
|
(150
|
)
|
|
(8,566
|
)
|
|
3,988
|
|
|||
Foreign
|
|
30,227
|
|
|
40,588
|
|
|
(17,714
|
)
|
|||
|
|
24,394
|
|
|
18,954
|
|
|
717
|
|
|||
Income tax expense
|
|
$
|
251,797
|
|
|
$
|
231,449
|
|
|
$
|
201,336
|
|
|
|
Fiscal Year Ended
|
||||||
|
|
February 3, 2019
|
|
January 28, 2018
|
||||
|
|
(In thousands)
|
||||||
U.S. tax reform:
|
|
|
|
|
||||
One-time transition tax
|
|
$
|
7,464
|
|
|
$
|
58,896
|
|
Deferred income tax effects
|
|
—
|
|
|
398
|
|
||
Tax on repatriation from foreign subsidiaries
|
|
23,714
|
|
|
—
|
|
||
Tax recovery on ivivva restructuring costs
|
|
—
|
|
|
(12,741
|
)
|
||
Total discrete amounts
|
|
$
|
31,178
|
|
|
$
|
46,553
|
|
|
|
Fiscal Year Ended
|
|||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
|||
|
|
(Percentages)
|
|||||||
Federal income tax at statutory rate
|
|
21.0
|
%
|
|
21.0
|
%
|
|
33.9
|
%
|
Foreign tax rate differentials
|
|
4.6
|
|
|
4.7
|
|
|
(5.9
|
)
|
U.S. state taxes
|
|
1.0
|
|
|
0.9
|
|
|
1.5
|
|
Non-deductible compensation expense
|
|
0.6
|
|
|
0.8
|
|
|
0.9
|
|
Permanent and other
|
|
0.9
|
|
|
0.6
|
|
|
0.5
|
|
U.S. tax reform
|
|
—
|
|
|
1.1
|
|
|
12.9
|
|
Tax on repatriation from foreign subsidiaries
|
|
—
|
|
|
3.3
|
|
|
—
|
|
Effective tax rate
|
|
28.1
|
%
|
|
32.4
|
%
|
|
43.8
|
%
|
|
|
February 2, 2020
|
|
February 3, 2019
|
||||
|
|
(In thousands)
|
||||||
Deferred income tax assets:
|
|
|
|
|
||||
Net operating loss carryforwards
|
|
$
|
2,354
|
|
|
$
|
3,163
|
|
Inventories
|
|
8,763
|
|
|
8,684
|
|
||
Property and equipment, net
|
|
5,444
|
|
|
—
|
|
||
Non-current lease liabilities
|
|
144,412
|
|
|
—
|
|
||
Deferred lease liabilities
|
|
—
|
|
|
8,206
|
|
||
Tenant inducements
|
|
—
|
|
|
10,444
|
|
||
Stock-based compensation
|
|
4,961
|
|
|
2,440
|
|
||
Accrued bonuses
|
|
3,509
|
|
|
3,265
|
|
||
Unredeemed gift card liability
|
|
6,815
|
|
|
5,015
|
|
||
Foreign tax credits
|
|
4,827
|
|
|
—
|
|
||
Other
|
|
2,759
|
|
|
4,813
|
|
||
Deferred income tax assets
|
|
183,844
|
|
|
46,030
|
|
||
Valuation allowance
|
|
(5,655
|
)
|
|
(507
|
)
|
||
Deferred income tax assets, net of valuation allowance
|
|
$
|
178,189
|
|
|
$
|
45,523
|
|
Deferred income tax liabilities:
|
|
|
|
|
||||
Property and equipment, net
|
|
$
|
(57,280
|
)
|
|
$
|
(33,055
|
)
|
Right-of-use lease assets
|
|
(132,059
|
)
|
|
—
|
|
||
Other
|
|
(847
|
)
|
|
(168
|
)
|
||
Deferred income tax liabilities
|
|
(190,186
|
)
|
|
(33,223
|
)
|
||
Net deferred income tax (liabilities) assets
|
|
$
|
(11,997
|
)
|
|
$
|
12,300
|
|
|
|
|
|
|
||||
Balance sheet classification:
|
|
|
|
|
||||
Deferred income tax assets
|
|
$
|
31,435
|
|
|
$
|
26,549
|
|
Deferred income tax liabilities
|
|
(43,432
|
)
|
|
(14,249
|
)
|
||
Net deferred income tax (liabilities) assets
|
|
$
|
(11,997
|
)
|
|
$
|
12,300
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
||||||
|
|
(In thousands, except per share amounts)
|
||||||||||
Net income
|
|
$
|
645,596
|
|
|
$
|
483,801
|
|
|
$
|
258,662
|
|
Basic weighted-average number of shares outstanding
|
|
130,393
|
|
|
133,413
|
|
|
135,988
|
|
|||
Assumed conversion of dilutive stock options and awards
|
|
562
|
|
|
558
|
|
|
210
|
|
|||
Diluted weighted-average number of shares outstanding
|
|
130,955
|
|
|
133,971
|
|
|
136,198
|
|
|||
Basic earnings per share
|
|
$
|
4.95
|
|
|
$
|
3.63
|
|
|
$
|
1.90
|
|
Diluted earnings per share
|
|
$
|
4.93
|
|
|
$
|
3.61
|
|
|
$
|
1.90
|
|
|
|
Payments Due by Fiscal Year
|
||||||||||||||||||||||||||
|
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||||||
One-time transition tax payable
|
|
$
|
53,302
|
|
|
$
|
5,076
|
|
|
$
|
5,076
|
|
|
$
|
5,076
|
|
|
$
|
9,518
|
|
|
$
|
12,691
|
|
|
$
|
15,865
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
||||||
|
|
(In thousands)
|
||||||||||
Cash paid for income taxes
|
|
$
|
305,493
|
|
|
$
|
177,040
|
|
|
$
|
137,826
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
|
177,144
|
|
|
—
|
|
|
—
|
|
|||
Leased assets obtained in exchange for new operating lease liabilities
|
|
222,448
|
|
|
—
|
|
|
—
|
|
|||
Interest paid
|
|
325
|
|
|
1,394
|
|
|
8
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
||||||
|
|
(In thousands)
|
||||||||||
Net revenue:
|
|
|
|
|
|
|
||||||
Company-operated stores
|
|
$
|
2,501,067
|
|
|
$
|
2,126,363
|
|
|
$
|
1,837,065
|
|
Direct to consumer
|
|
1,137,822
|
|
|
858,856
|
|
|
577,590
|
|
|||
Other
|
|
340,407
|
|
|
303,100
|
|
|
234,526
|
|
|||
|
|
$
|
3,979,296
|
|
|
$
|
3,288,319
|
|
|
$
|
2,649,181
|
|
Segmented income from operations:
|
|
|
|
|
|
|
||||||
Company-operated stores
|
|
$
|
689,339
|
|
|
$
|
575,536
|
|
|
$
|
464,321
|
|
Direct to consumer
|
|
482,368
|
|
|
354,107
|
|
|
224,076
|
|
|||
Other
|
|
72,559
|
|
|
62,558
|
|
|
35,580
|
|
|||
|
|
1,244,266
|
|
|
992,201
|
|
|
723,977
|
|
|||
General corporate expenses
|
|
355,156
|
|
|
286,365
|
|
|
220,753
|
|
|||
Restructuring and related costs
|
|
—
|
|
|
—
|
|
|
47,223
|
|
|||
Income from operations
|
|
889,110
|
|
|
705,836
|
|
|
456,001
|
|
|||
Other income (expense), net
|
|
8,283
|
|
|
9,414
|
|
|
3,997
|
|
|||
Income before income tax expense
|
|
$
|
897,393
|
|
|
$
|
715,250
|
|
|
$
|
459,998
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures:
|
|
|
|
|
|
|
||||||
Company-operated stores
|
|
$
|
171,496
|
|
|
$
|
129,155
|
|
|
$
|
80,240
|
|
Direct to consumer
|
|
15,813
|
|
|
6,420
|
|
|
19,928
|
|
|||
Corporate and other
|
|
95,739
|
|
|
90,232
|
|
|
57,696
|
|
|||
|
|
$
|
283,048
|
|
|
$
|
225,807
|
|
|
$
|
157,864
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
||||||
Company-operated stores
|
|
$
|
97,896
|
|
|
$
|
76,303
|
|
|
$
|
64,870
|
|
Direct to consumer
|
|
12,469
|
|
|
10,018
|
|
|
12,997
|
|
|||
Corporate and other
|
|
51,568
|
|
|
36,163
|
|
|
30,368
|
|
|||
|
|
$
|
161,933
|
|
|
$
|
122,484
|
|
|
$
|
108,235
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
||||||
|
|
(In thousands)
|
||||||||||
United States
|
|
$
|
2,854,364
|
|
|
$
|
2,363,374
|
|
|
$
|
1,911,763
|
|
Canada
|
|
649,114
|
|
|
565,105
|
|
|
491,779
|
|
|||
Outside of North America
|
|
475,818
|
|
|
359,840
|
|
|
245,639
|
|
|||
|
|
$
|
3,979,296
|
|
|
$
|
3,288,319
|
|
|
$
|
2,649,181
|
|
|
|
February 2, 2020
|
|
February 3, 2019
|
||||
|
|
(In thousands)
|
||||||
United States
|
|
$
|
259,485
|
|
|
$
|
217,874
|
|
Canada
|
|
346,305
|
|
|
303,061
|
|
||
Outside of North America
|
|
65,903
|
|
|
46,302
|
|
||
|
|
$
|
671,693
|
|
|
$
|
567,237
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
February 2, 2020
|
|
February 3, 2019
|
|
January 28, 2018
|
||||||
|
|
(In thousands)
|
||||||||||
Women's product
|
|
$
|
2,790,997
|
|
|
$
|
2,352,788
|
|
|
$
|
1,892,624
|
|
Men's product
|
|
933,767
|
|
|
694,921
|
|
|
526,535
|
|
|||
Other categories
|
|
254,532
|
|
|
240,610
|
|
|
230,022
|
|
|||
|
|
$
|
3,979,296
|
|
|
$
|
3,288,319
|
|
|
$
|
2,649,181
|
|
|
|
Fiscal 2019
|
|
Fiscal 2018
|
||||||||||||||||||||||||||||
|
|
Fourth
Quarter |
|
Third
Quarter |
|
Second
Quarter |
|
First
Quarter |
|
Fourth
Quarter |
|
Third
Quarter |
|
Second
Quarter |
|
First
Quarter |
||||||||||||||||
|
|
(Unaudited; Amounts in thousands, except per share amounts)
|
||||||||||||||||||||||||||||||
Net revenue
|
|
$
|
1,397,491
|
|
|
$
|
916,138
|
|
|
$
|
883,352
|
|
|
$
|
782,315
|
|
|
$
|
1,167,458
|
|
|
$
|
747,655
|
|
|
$
|
723,500
|
|
|
$
|
649,706
|
|
Cost of goods sold
|
|
586,665
|
|
|
411,094
|
|
|
397,556
|
|
|
360,595
|
|
|
498,875
|
|
|
340,878
|
|
|
327,306
|
|
|
304,973
|
|
||||||||
Gross profit
|
|
810,826
|
|
|
505,044
|
|
|
485,796
|
|
|
421,720
|
|
|
668,583
|
|
|
406,777
|
|
|
396,194
|
|
|
344,733
|
|
||||||||
Selling, general and administrative expenses
|
|
394,339
|
|
|
329,215
|
|
|
317,814
|
|
|
292,908
|
|
|
337,163
|
|
|
270,874
|
|
|
261,986
|
|
|
240,428
|
|
||||||||
Income from operations
|
|
416,487
|
|
|
175,829
|
|
|
167,982
|
|
|
128,812
|
|
|
331,420
|
|
|
135,903
|
|
|
134,208
|
|
|
104,305
|
|
||||||||
Other income (expense), net
|
|
2,129
|
|
|
1,925
|
|
|
1,850
|
|
|
2,379
|
|
|
2,861
|
|
|
2,044
|
|
|
1,591
|
|
|
2,918
|
|
||||||||
Income before income tax expense
|
|
418,616
|
|
|
177,754
|
|
|
169,832
|
|
|
131,191
|
|
|
334,281
|
|
|
137,947
|
|
|
135,799
|
|
|
107,223
|
|
||||||||
Income tax expense
|
|
120,595
|
|
|
51,772
|
|
|
44,842
|
|
|
34,588
|
|
|
115,816
|
|
|
43,534
|
|
|
40,029
|
|
|
32,070
|
|
||||||||
Net income
|
|
$
|
298,021
|
|
|
$
|
125,982
|
|
|
$
|
124,990
|
|
|
$
|
96,603
|
|
|
$
|
218,465
|
|
|
$
|
94,413
|
|
|
$
|
95,770
|
|
|
$
|
75,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Foreign currency translation adjustment
|
|
(6,444
|
)
|
|
9,880
|
|
|
4,514
|
|
|
(15,723
|
)
|
|
(5,346
|
)
|
|
(7,318
|
)
|
|
(18,249
|
)
|
|
(42,972
|
)
|
||||||||
Comprehensive income
|
|
$
|
291,577
|
|
|
$
|
135,862
|
|
|
$
|
129,504
|
|
|
$
|
80,880
|
|
|
$
|
213,119
|
|
|
$
|
87,095
|
|
|
$
|
77,521
|
|
|
$
|
32,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic earnings per share
|
|
$
|
2.29
|
|
|
$
|
0.97
|
|
|
$
|
0.96
|
|
|
$
|
0.74
|
|
|
$
|
1.66
|
|
|
$
|
0.71
|
|
|
$
|
0.71
|
|
|
$
|
0.55
|
|
Diluted earnings per share
|
|
$
|
2.28
|
|
|
$
|
0.96
|
|
|
$
|
0.96
|
|
|
$
|
0.74
|
|
|
$
|
1.65
|
|
|
$
|
0.71
|
|
|
$
|
0.71
|
|
|
$
|
0.55
|
|
Plan Category
|
|
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(1)
(A)
|
|
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights(2)
(B)
|
|
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (A))(3)
(C)
|
||||
Equity compensation plans approved by stockholders
|
|
1,377,299
|
|
|
$
|
113.41
|
|
|
18,017,693
|
|
Equity compensation plans not approved by stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
1,377,299
|
|
|
$
|
113.41
|
|
|
18,017,693
|
|
(1)
|
This amount represents the following: (a) 776,124 shares subject to outstanding options, (b) 238,280 shares subject to outstanding performance-based restricted stock units, (c) 333,481 shares subject to outstanding restricted stock units, and (d) 29,414 shares subject to outstanding restricted stock units that settle in cash or common stock at the election of the employee. The options, performance-based restricted stock units and restricted stock units are all under our 2007 Equity Incentive Plan or our 2014 Equity Incentive Plan. Restricted shares outstanding under our 2014 Equity Incentive Plan have already been reflected in our total outstanding common stock balance.
|
(2)
|
The weighted-average exercise price is calculated solely on the exercise prices of the outstanding options and does not reflect the shares that will be issued upon the vesting of outstanding awards of performance-based restricted stock units and restricted stock units, which have no exercise price.
|
(3)
|
This includes (a) 13,291,047 shares of our common stock available for future issuance under our 2014 Equity Incentive Plan and (b) 4,726,646 shares of our common stock available for future issuance under our Employee Share Purchase Plan. The number of shares remaining available for future issuance under our 2014 Equity Incentive Plan is reduced by 1.7 shares for each award other than stock options granted and by one share for each stock option award granted. Outstanding awards that expire or are canceled without having been exercised or settled in full are available for issuance again under our 2014 Equity Incentive Plan and shares that are withheld in satisfaction of tax withholding obligations for full value awards are also again available for issuance. No further awards may be issued under the predecessor plan, our 2007 Equity Incentive Plan.
|
Description
|
|
Balance at Beginning of Year
|
|
Charged to Costs and Expenses
|
|
Write-offs Net of Recoveries
|
|
Balance at End of Year
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Shrink Provision on Finished Goods
|
|
|
|
|
|
|
|
|
||||||||
For the year ended January 28, 2018
|
|
$
|
(335
|
)
|
|
$
|
(8,656
|
)
|
|
$
|
8,681
|
|
|
$
|
(310
|
)
|
For the year ended February 3, 2019
|
|
(310
|
)
|
|
(13,597
|
)
|
|
12,713
|
|
|
(1,194
|
)
|
||||
For the year ended February 2, 2020
|
|
(1,194
|
)
|
|
(12,593
|
)
|
|
11,712
|
|
|
(2,075
|
)
|
||||
Obsolescence and Quality Provision on Finished Goods and Raw Materials
|
|
|
|
|
|
|
|
|
||||||||
For the year ended January 28, 2018
|
|
$
|
(5,013
|
)
|
|
$
|
(5,361
|
)
|
|
$
|
1,071
|
|
|
$
|
(9,303
|
)
|
For the year ended February 3, 2019
|
|
(9,303
|
)
|
|
(2,453
|
)
|
|
4,204
|
|
|
(7,552
|
)
|
||||
For the year ended February 2, 2020
|
|
(7,552
|
)
|
|
(5,363
|
)
|
|
2,533
|
|
|
(10,382
|
)
|
||||
Damage Provision on Finished Goods
|
|
|
|
|
|
|
|
|
||||||||
For the year ended January 28, 2018
|
|
$
|
(2,308
|
)
|
|
$
|
(18,503
|
)
|
|
$
|
15,291
|
|
|
$
|
(5,520
|
)
|
For the year ended February 3, 2019
|
|
(5,520
|
)
|
|
(22,912
|
)
|
|
21,089
|
|
|
(7,343
|
)
|
||||
For the year ended February 2, 2020
|
|
(7,343
|
)
|
|
(28,313
|
)
|
|
26,047
|
|
|
(9,609
|
)
|
||||
Sales Return Allowances
|
|
|
|
|
|
|
|
|
||||||||
For the year ended January 28, 2018
|
|
$
|
(4,728
|
)
|
|
$
|
(1,565
|
)
|
|
$
|
—
|
|
|
$
|
(6,293
|
)
|
For the year ended February 3, 2019
|
|
(6,293
|
)
|
|
(5,025
|
)
|
|
—
|
|
|
(11,318
|
)
|
||||
For the year ended February 2, 2020
|
|
(11,318
|
)
|
|
(1,579
|
)
|
|
—
|
|
|
(12,897
|
)
|
||||
Valuation Allowance on Deferred Income Taxes
|
|
|
|
|
|
|
|
|
||||||||
For the year ended January 28, 2018
|
|
$
|
(91
|
)
|
|
$
|
(1,752
|
)
|
|
$
|
—
|
|
|
$
|
(1,843
|
)
|
For the year ended February 3, 2019
|
|
(1,843
|
)
|
|
(427
|
)
|
|
1,763
|
|
|
(507
|
)
|
||||
For the year ended February 2, 2020
|
|
(507
|
)
|
|
(5,148
|
)
|
|
—
|
|
|
(5,655
|
)
|
|
|
|
|
|
|
Incorporated by Reference
|
||||||
Exhibit
No.
|
|
Exhibit Title
|
|
Filed
Herewith
|
|
Form
|
|
Exhibit No.
|
|
File No.
|
|
Filing Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.1
|
|
|
|
|
8-K
|
|
3.1
|
|
001-33608
|
|
8/8/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2
|
|
|
|
|
8-K
|
|
3.1
|
|
001-33608
|
|
7/1/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.3
|
|
|
|
|
10-Q
|
|
3.1
|
|
001-33608
|
|
8/30/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.4
|
|
|
|
|
10-Q
|
|
3.1
|
|
001-33608
|
|
8/30/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.5
|
|
|
|
|
8-K
|
|
3.1
|
|
001-33608
|
|
6/5/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1
|
|
|
|
|
S-3
|
|
4.1
|
|
333-185899
|
|
1/7/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.2
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1*
|
|
|
|
|
8-K
|
|
10.1
|
|
001-33608
|
|
6/13/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.2*
|
|
|
|
|
10-Q
|
|
10.2
|
|
0001-33608
|
|
12/6/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.3*
|
|
|
|
|
10-Q
|
|
10.1
|
|
001-33608
|
|
6/1/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.4*
|
|
|
|
|
10-Q
|
|
10.2
|
|
001-33608
|
|
6/1/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.5*
|
|
|
|
|
10-Q
|
|
10.3
|
|
001-33608
|
|
6/1/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.6*
|
|
|
|
|
10-Q
|
|
10.12
|
|
001-33608
|
|
12/11/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.7*
|
|
|
|
|
S-1
|
|
10.3
|
|
333-142477
|
|
5/1/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.8
|
|
|
|
|
10-Q
|
|
10.2
|
|
001-33608
|
|
9/10/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.9
|
|
|
|
|
10-Q
|
|
10.5
|
|
001-33608
|
|
9/10/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.10
|
|
|
|
|
10-Q
|
|
10.6
|
|
001-33608
|
|
9/10/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.11
|
|
|
|
|
10-Q
|
|
10.7
|
|
001-33608
|
|
9/10/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.12
|
|
|
|
|
S-1/A
|
|
10.14
|
|
333-142477
|
|
7/9/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
||||||
Exhibit
No.
|
|
Exhibit Title
|
|
Filed
Herewith
|
|
Form
|
|
Exhibit No.
|
|
File No.
|
|
Filing Date
|
10.13
|
|
|
|
|
S-1/A
|
|
10.16
|
|
333-142477
|
|
7/9/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.14
|
|
|
|
|
10-K
|
|
10.12
|
|
001-33608
|
|
3/17/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.15*
|
|
|
|
|
10-Q
|
|
10.1
|
|
001-33608
|
|
12/11/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.16*
|
|
|
|
|
10-Q
|
|
10.3
|
|
001-33608
|
|
11/29/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.18*
|
|
|
|
|
10-K
|
|
10.23
|
|
001-33608
|
|
3/29/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.19*
|
|
|
|
|
8-K
|
|
10.1
|
|
001-33608
|
|
7/24/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.20*
|
|
|
|
|
10-Q
|
|
10.1
|
|
001-33608
|
|
5/31/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.21*
|
|
|
|
|
10-K
|
|
10.24
|
|
001-33608
|
|
3/27/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.22*
|
|
|
|
|
10-Q
|
|
10.1
|
|
001-33608
|
|
12/06/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.23*
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.24
|
|
|
|
|
8-K
|
|
10.1
|
|
001-33608
|
|
12/21/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.25
|
|
|
|
|
8-K
|
|
10.1
|
|
001-33608
|
|
6/6/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.1
|
|
|
|
|
10-K
|
|
21.1
|
|
001-33608
|
|
3/27/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.1
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.1
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.2
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LULULEMON ATHLETICA INC.
|
||
|
|
|
|
|
By:
|
|
/s/ CALVIN MCDONALD
|
|
|
|
Calvin McDonald
|
|
|
|
Chief Executive Officer
|
|
|
|
(principal executive officer)
|
|
Date:
|
|
March 26, 2020
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ CALVIN MCDONALD
|
|
Chief Executive Officer and Director
|
|
March 26, 2020
|
Calvin McDonald
|
|
(principal executive officer)
|
|
|
|
|
|
|
|
/s/ PATRICK J. GUIDO
|
|
Chief Financial Officer
|
|
March 26, 2020
|
Patrick J. Guido
|
|
(principal financial and accounting officer)
|
|
|
|
|
|
|
|
/s/ GLENN MURPHY
|
|
Director, Chairman of the Board
|
|
March 26, 2020
|
Glenn Murphy
|
|
|
|
|
|
|
|
|
|
/s/ MICHAEL CASEY
|
|
Director
|
|
March 26, 2020
|
Michael Casey
|
|
|
|
|
|
|
|
|
|
/s/ STEPHANIE FERRIS
|
|
Director
|
|
March 26, 2020
|
Stephanie Ferris
|
|
|
|
|
|
|
|
|
|
/s/ TRICIA GLYNN
|
|
Director
|
|
March 26, 2020
|
Tricia Glynn
|
|
|
|
|
|
|
|
|
|
/s/ KATHRYN HENRY
|
|
Director
|
|
March 26, 2020
|
Kathryn Henry
|
|
|
|
|
|
|
|
|
|
/s/ JON MCNEILL
|
|
Director
|
|
March 26, 2020
|
Jon McNeill
|
|
|
|
|
|
|
|
|
|
/s/ MARTHA A.M. MORFITT
|
|
Director
|
|
March 26, 2020
|
Martha A.M. Morfitt
|
|
|
|
|
|
|
|
|
|
/s/ DAVID M. MUSSAFER
|
|
Director
|
|
March 26, 2020
|
David M. Mussafer
|
|
|
|
|
|
|
|
|
|
/s/ EMILY WHITE
|
|
Director
|
|
March 26, 2020
|
Emily White
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
||||||
Exhibit
No.
|
|
Exhibit Title
|
|
Filed
Herewith
|
|
Form
|
|
Exhibit No.
|
|
File No.
|
|
Filing Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation of lululemon athletica inc.
|
|
|
|
8-K
|
|
3.1
|
|
001-33608
|
|
8/8/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2
|
|
Certificate of Amendment to Amended and Restated Certificate of Incorporation of lululemon athletica inc.
|
|
|
|
8-K
|
|
3.1
|
|
001-33608
|
|
7/1/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.3
|
|
Certificate of Amendment to Certificate of Incorporation filed July 20, 2017
|
|
|
|
10-Q
|
|
3.1
|
|
001-33608
|
|
8/30/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.4
|
|
Certificate of Amendment to Certificate of Incorporation filed June 12, 2018
|
|
|
|
10-Q
|
|
3.1
|
|
001-33608
|
|
8/30/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.5
|
|
Bylaws of lululemon athletica inc.
|
|
|
|
8-K
|
|
3.1
|
|
001-33608
|
|
6/5/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1
|
|
Form of Specimen Stock Certificate of lululemon athletica inc.
|
|
|
|
S-3
|
|
4.1
|
|
333-185899
|
|
1/7/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.2
|
|
Description of Securities Registered Under Section 12 of the Securities Exchange Act of 1934
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1*
|
|
lululemon athletica inc. 2014 Equity Incentive Plan
|
|
|
|
8-K
|
|
10.1
|
|
001-33608
|
|
6/13/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.2*
|
|
Form of Non-Qualified Stock Option Agreement (for outside directors)
|
|
|
|
10-Q
|
|
10.2
|
|
0001-33608
|
|
12/6/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.3*
|
|
Form of Non-Qualified Stock Option Agreement (with clawback provision)
|
|
|
|
10-Q
|
|
10.1
|
|
001-33608
|
|
6/1/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.4*
|
|
Form of Notice of Grant of Performance Shares and Performance Shares Agreement (with clawback provision)
|
|
|
|
10-Q
|
|
10.2
|
|
001-33608
|
|
6/1/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.5*
|
|
Form of Notice of Grant of Restricted Stock Units and Restricted Stock Units Agreement (with clawback provision)
|
|
|
|
10-Q
|
|
10.3
|
|
001-33608
|
|
6/1/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.6*
|
|
Form of Restricted Stock Award Agreement
|
|
|
|
10-Q
|
|
10.12
|
|
001-33608
|
|
12/11/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.7*
|
|
Amended and Restated LIPO Investments (USA), Inc. Option Plan and form of Award Agreement
|
|
|
|
S-1
|
|
10.3
|
|
333-142477
|
|
5/1/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.8
|
|
Second Amended and Restated Registration Rights Agreement dated June 18, 2015 between lululemon athletica inc. and the parties named therein
|
|
|
|
10-Q
|
|
10.2
|
|
001-33608
|
|
9/10/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.9
|
|
Exchange Trust Agreement dated July 26, 2007 between lululemon athletica inc., Lulu Canadian Holding, Inc. and Computershare Trust Company of Canada
|
|
|
|
10-Q
|
|
10.5
|
|
001-33608
|
|
9/10/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.10
|
|
Exchangeable Share Support Agreement dated July 26, 2007 between lululemon athletica inc., Lululemon Callco ULC and Lulu Canadian Holding, Inc.
|
|
|
|
10-Q
|
|
10.6
|
|
001-33608
|
|
9/10/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.11
|
|
Amended and Restated Declaration of Trust for Forfeitable Exchangeable Shares dated July 26, 2007, by and among the parties named therein
|
|
|
|
10-Q
|
|
10.7
|
|
001-33608
|
|
9/10/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.12
|
|
Amended and Restated Arrangement Agreement dated as of June 18, 2007, by and among the parties named therein (including Plan of Arrangement and Exchangeable Share Provisions)
|
|
|
|
S-1/A
|
|
10.14
|
|
333-142477
|
|
7/9/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
||||||
Exhibit
No.
|
|
Exhibit Title
|
|
Filed
Herewith
|
|
Form
|
|
Exhibit No.
|
|
File No.
|
|
Filing Date
|
10.13
|
|
Form of Indemnification Agreement between lululemon athletica inc. and its directors and certain officers
|
|
|
|
S-1/A
|
|
10.16
|
|
333-142477
|
|
7/9/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.14
|
|
Purchase and Sale Agreement between 2725312 Canada Inc and lululemon athletica inc., dated December 22, 2010
|
|
|
|
10-K
|
|
10.12
|
|
001-33608
|
|
3/17/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.15*
|
|
Outside Director Compensation Plan
|
|
|
|
10-Q
|
|
10.1
|
|
001-33608
|
|
12/11/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.16*
|
|
lululemon athletica inc. Employee Share Purchase Plan
|
|
|
|
10-Q
|
|
10.3
|
|
001-33608
|
|
11/29/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.18*
|
|
Executive Employment Agreement, effective as of December 5, 2016, between lululemon athletica canada inc. and Celeste Burgoyne
|
|
|
|
10-K
|
|
10.23
|
|
001-33608
|
|
3/29/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.19*
|
|
Executive Employment Agreement, effective as of August 20, 2018, between lululemon athletica canada inc. and Calvin McDonald
|
|
|
|
8-K
|
|
10.1
|
|
001-33608
|
|
7/24/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.20*
|
|
Executive Employment Agreement, effective as of April 30, 2018, between lululemon athletica inc. and Patrick Guido
|
|
|
|
10-Q
|
|
10.1
|
|
001-33608
|
|
5/31/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.21*
|
|
Amendment to Executive Employment Agreement, effective as of March 4, 2019, between lululemon athletica inc. and Patrick Guido
|
|
|
|
10-K
|
|
10.24
|
|
001-33608
|
|
3/27/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.22*
|
|
Executive Employment Agreement, effective as of September 20, 2018, between lululemon athletica inc. and Michelle Choe
|
|
|
|
10-Q
|
|
10.1
|
|
001-33608
|
|
12/06/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.23*
|
|
Executive Employment Agreement, effective as of January 20, 2020, between lululemon athletica inc. and Nicole Neuburger
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.24
|
|
Credit Agreement, dated as of December 15, 2016, among lululemon athletica inc., lululemon athletica canada inc., Lulu Canadian Holding, Inc. and lululemon usa inc., as borrowers, Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, HSBC Bank Canada, as syndication agent and letter of credit issuer, and each other lender party thereto.
|
|
|
|
8-K
|
|
10.1
|
|
001-33608
|
|
12/21/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.25
|
|
Amendment No. 1 to Credit Agreement, dated June 6, 2018, among lululemon athletica inc. and the other parties thereto
|
|
|
|
8-K
|
|
10.1
|
|
001-33608
|
|
6/6/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.1
|
|
Subsidiaries of lululemon athletica inc.
|
|
|
|
10-K
|
|
21.1
|
|
001-33608
|
|
3/27/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.1
|
|
Consent of PricewaterhouseCoopers LLP
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.1
|
|
Certification of principal executive officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.2
|
|
Certification of principal financial and accounting officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1**
|
|
Certification of principal executive officer and principal financial and accounting officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year Lululemon Athletica Chart |
1 Month Lululemon Athletica Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions