Lululemon 2014 Annual Report Download

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LULULEMON ATHLETICA INC.
FORM 10-K
(Annual Report)
Filed 03/26/15 for the Period Ending 02/01/15
Telephone 604-732-6124
CIK 0001397187
Symbol LULU
SIC Code
2300 - Apparel & Other Finishd Prods of Fabrics & Similar Matl
Industry Apparel/Accessories
Sector Consumer Cyclical
Fiscal Year 02/01
http://www.edgar-online.com
© Copyright 2015, EDGAR Online, Inc. All Rights Reserved.
Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

Table of contents

  • Page 1
    ... SIC Code Industry Sector Fiscal Year 604-732-6124 0001397187 LULU 2300 - Apparel & Other Finishd Prods of Fabrics & Similar Matl Apparel/Accessories Consumer Cyclical 02/01 http://www.edgar-online.com © Copyright 2015, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document...

  • Page 2
    ... aggregate market value was computed by reference to the closing price of the common stock as reported on the Nasdaq Global Select Market on August 1, 2014 . For purposes of determining this amount only, the registrant has defined affiliates as including the executive officers and directors of the...

  • Page 3

  • Page 4
    ... DISCLOSURES ABOUT MARKET RISK FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA CONTROLS AND PROCEDURES 15 18 19 34 35 58 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE EXECUTIVE COMPENSATION SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS...

  • Page 5
    ...Products Our healthy lifestyle inspired athletic apparel is marketed under the lululemon athletica and ivivva athletica brand names. We offer a comprehensive line of apparel and accessories for women, men and female youth. Our apparel assortment includes items such as pants, shorts, tops and jackets...

  • Page 6
    ... street locations, in lifestyle centers, and in malls. Our corporate-owned stores by brand and by country as of February 1, 2015 and February 2, 2014 , are summarized in the table below: February 1, 2015 February 2, 2014 lululemon athletica United States Canada Australia New Zealand United Kingdom...

  • Page 7
    ...brand awareness and customer loyalty. We pursue a multi-faceted strategy which leverages our local ambassadors, social media, in-store community boards and a variety of grassroots initiatives. Product Design and Development Our product design efforts are led by a team of designers based in Vancouver...

  • Page 8
    ... used in connection with the marketing, distribution and sale of all of our products in the United States, Canada and in the other countries in which our products are currently or intended to be either sold or manufactured. Our major trademarks include lululemon athletica & design, the logo design...

  • Page 9
    ...distinctive apparel and accessory designs, as well as a number of corresponding design patents in the United States and registered community designs in Europe. Securities and Exchange Commission Filings Our website address is www.lululemon.com. We provide free access to various reports that we file...

  • Page 10
    ...of our competitors have significant competitive advantages, including longer operating histories, larger and broader customer bases, more established relationships with a broader set of suppliers, greater brand recognition and greater financial, research and development, store development, marketing...

  • Page 11
    ... effect on our financial conditions, operating results and cash flows. If we are unable to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products, we may not be able to maintain or increase our sales and profitability. Our success depends on our...

  • Page 12
    ...-based textiles, could have a material adverse effect on our cost of goods sold, results of operations, financial condition and cash flows. Our limited operating experience and limited brand recognition in new international markets may limit our expansion strategy and cause our business and growth...

  • Page 13
    ...or the loss of "normal trade relations" status with any country in which our products are manufactured, could significantly increase our cost of products imported into North America and/or Australia and harm our business. We may not be able to successfully open new store locations in a timely manner...

  • Page 14

  • Page 15
    ..., distribution, importation, marketing and sale of our products are subject to extensive regulation by various federal agencies, including the Federal Trade Commission, Consumer Product Safety Commission and state attorneys general in the United States, the Competition Bureau and Health Canada in...

  • Page 16
    ..., safeguards and customs restrictions, could increase the cost or reduce the supply of products available to us or may require us to modify our supply chain organization or other current business practices, any of which could harm our business, financial condition and results of operations. Our...

  • Page 17

  • Page 18
    ... 2013 and it commenced operations during fiscal 2014. We expect that our current administrative offices and distribution centers are sufficient for our expansion plans for the foreseeable future. The general location, use and approximate size of our owned properties at February 1, 2015 , are set...

  • Page 19
    ...based on a demand letter it sent to us on or around August 8, 2013 to request certain lululemon records relating to the March 2013 sheer Luon issue, our announcement that our then CEO, Christine Day, intended to resign, and certain stock trades executed by the then-Chairman of our board of directors...

  • Page 20
    ... purchasers of lululemon stock between September 7, 2012 through January 10, 2014. In its Amended Complaint, Lead Plaintiff added new claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on certain of lululemon's public disclosures related to our ongoing quality control...

  • Page 21
    ... AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information and Dividends Our common stock is quoted on the Nasdaq Global Select Market under the symbol "LULU." The following table sets forth, for the periods indicated, the high and low closing sale prices of our common stock reported by the...

  • Page 22
    ... 1, 2015 Total _____ (1) Monthly information is presented by reference to our fiscal periods during our fourth quarter of fiscal 2014 . (2) Our stock repurchase program was approved by our board of directors in June 2014. Common shares are repurchased in the open market at prevailing market prices...

  • Page 23
    ... 2015 Total _____ (1) Monthly information is presented by reference to our fiscal periods during our fourth quarter of fiscal 2014 . (2) Excluded from this disclosure are shares repurchased to settle statutory employee tax withholding related to the vesting of performancebased restricted stock unit...

  • Page 24
    ... years. Fiscal Year Ended February 1, 2015 February 2, 2014 February 3, 2013 January 29, 2012 January 30, 2011 (In thousands, except per share data) Consolidated statement of operations and comprehensive income data: Net revenue Cost of goods sold Gross profit Operating expenses: Selling, general...

  • Page 25
    ...in fiscal 2013 to $1.8 billion in fiscal 2014 , representing an annual growth rate of 13% . Our increase in net revenue from fiscal 2013 to fiscal 2014 resulted from the addition of 48 net new corporate-owned stores and increased direct to consumer net revenue. Total comparable sales, which includes...

  • Page 26
    ... net revenue, direct to consumer sales through www.lululemon.com , www.ivivva.com and other country and region specific websites, and other net revenue, which includes outlet sales, showroom sales, sales to wholesale accounts, warehouse sales, and sales from temporary locations. Cost of goods sold...

  • Page 27
    ... 270,556 Fiscal Year Ended February 1, 2015 February 2, 2014 (% of net revenue) February 3, 2013 Net revenue Cost of goods sold Gross profit Selling, general and administrative expenses Income from operations Other income (expense), net Income before provision for income taxes Provision for income...

  • Page 28
    ... net revenue resulted in an increased gross profit. A $17.5 million inventory provision related to the pull-back of black Luon pants was recorded in cost of sales during fiscal 2013. The increase in gross profit was partially offset by increased costs related to our production, design, distribution...

  • Page 29
    ... 2014 from $372.3 million for fiscal 2013 primarily due to an increase in selling, general and administrative expenses related to employee costs as well as operating expenses associated with new stores, partially offset by an increase of $31.2 million in gross profit from increased sales. Income...

  • Page 30
    ... selling, general and administrative expenses related to our long-term strategy for developing this channel. Income from operations as a percentage of direct to consumer net revenue decreased to 41.4% in fiscal 2014 from 41.8% in fiscal 2013 . Other. Income from operations from our other segment...

  • Page 31
    ... three stores in Canada, including one ivivva branded store, 36 stores in the United States, including three ivivva branded stores, two stores in Australia, and two stores in New Zealand; and Comparable store sales increase of 2% in fiscal 2013 resulted in a $19.5 million increase to net revenue...

  • Page 32
    ...well as percentages, presented as a percentage of net revenue of their respective operating segments below. Fiscal Year Ended February 2, 2014 and February 3, 2013 2013 (In thousands) 2012 2013 2012 (Percentages) Corporate-owned stores Direct to consumer Other Income from operations before general...

  • Page 33
    ...related to the pull-back of black Luon pants. Direct to Consumer. Income from operations from our direct to consumer segment increased $24.9 million , or 29% , to $110.0 million in fiscal 2013 from $85.1 million in fiscal 2012 due to increased sales through our e-commerce websites, with gross profit...

  • Page 34
    ... distribute products efficiently; and the number of stores we open, close (including for temporary renovations) and expand in any period. Opening new stores is an important part of our growth strategy. Accordingly, total comparable sales has limited utility for assessing the success of our growth...

  • Page 35
    ... of cash and cash equivalents, cash flows from operations and borrowings available under our revolving credit facility. Our primary cash needs are capital expenditures for opening new stores and remodeling existing stores, making information technology system enhancements and funding working capital...

  • Page 36
    ... from stock-based compensation, taxes paid related to the net share settlement of equity awards, and cash paid to acquire the remaining non-controlling interest in Australia in fiscal 2012. Cash used by financing activities increase d $158.0 million , to cash used of $149.1 million in fiscal 2014...

  • Page 37
    ... outstanding under these credit facilities. Contractual Obligations and Commitments Leases. We lease certain store and other retail locations, distribution centers, offices, and equipment under non-cancelable operating leases. Our leases generally have initial terms of between five and 10 years...

  • Page 38
    .... Direct to consumer sales are recognized when goods are shipped and collection is reasonably assured, net of an estimated allowance for sales returns. Other net revenue includes outlet sales, showroom sales, sales to wholesale accounts, warehouse sales, and sales from temporary locations. Revenue...

  • Page 39
    ...estimate the fair value of our reporting units. We generally base our measurement of the fair value on the present value of future cash flows. Our significant estimates in the discounted cash flows model include: the discount rate and long-term rates of growth. We use our best estimates and judgment...

  • Page 40
    ... our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative expenses as a percentage of net revenue if the selling prices of our products...

  • Page 41
    ... ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA lululemon athletica inc. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Consolidated Financial Statements: Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets Consolidated Statements of Operations and Comprehensive...

  • Page 42
    ... and their cash flows for the 52, 52, and 53 week periods ended February 1, 2015, February 2, 2014, and February 3, 2013, respectively, in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in...

  • Page 43
    ...Accrued compensation and related expenses Income taxes payable Unredeemed gift card liability Other accrued liabilities Deferred income tax liability Other non-current liabilities Stockholders' equity Undesignated preferred stock, $0.01 par value, 5,000 shares authorized, none issued and outstanding...

  • Page 44
    Table of Contents lululemon athletica inc. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands, except per share amounts) Fiscal Year Ended February 1, 2015 February 2, 2014 February 3, 2013 Net revenue Cost of goods sold Gross profit Selling, general and ...

  • Page 45
    ... translation adjustment Common stock issued upon exchange of exchangeable shares Stock-based compensation Excess tax benefit from stock-based compensation Restricted share issuance Stock options exercised Registration fees associated with shelf registration statement Non-controlling interest: Net...

  • Page 46
    ... Common stock issued upon exchange of exchangeable shares Stock-based compensation Excess tax benefit from stock-based compensation Stock options exercised Restricted share issuance Common stock issued upon settlement of performance-based restricted stock units Shares withheld related to net share...

  • Page 47
    ...equipment Net cash used in investing activities Cash flows from financing activities Proceeds from exercise of stock options Excess tax benefits from stock-based compensation Registration fees associated with shelf registration statement Purchase of non-controlling interest Taxes paid related to net...

  • Page 48
    ..., which is sold through a chain of corporate-owned and operated retail stores, direct to consumer through e-commerce, showrooms, a network of wholesale accounts, outlets and warehouse sales. The Company's primary markets are the United States, Canada, Australia, New Zealand, the United Kingdom, and...

  • Page 49
    ... to appropriately value obsolete or damaged goods. The amount of the provision is equal to the difference between the cost of the inventory and its estimated net realizable value based upon assumptions about future demand, selling prices and market conditions. In addition, the Company provides for...

  • Page 50
    ... net revenue, direct to consumer sales through www.lululemon.com , www.ivivva.com and other country and region specific websites, and other net revenue, which includes outlet sales, showroom sales, sales to wholesale accounts, warehouse sales, and sales from temporary locations. Sales to customers...

  • Page 51
    ... cost of goods sold. Our selling, general and administrative expenses include the costs of corporate and store-level wages and benefits, costs to transport our products from our distribution facilities to our sales locations and e-commerce guests, professional fees, marketing, information technology...

  • Page 52
    ... beginning in its first quarter of fiscal 2017. The Company is currently evaluating the impact that this new guidance may have on its consolidated financial statements. In June 2014, the FASB amended ASC Topic 718, Compensation - Stock Compensation ("ASC 718") for share-based payments in which the...

  • Page 53
    ... costs of $2,620 and $1,697 at February 1, 2015 and February 2, 2014 , respectively, associated with internally developed software. Depreciation expense related to property and equipment was $57,450 , $48,177 and $41,671 for the years ended February 1, 2015 , February 2, 2014 , and February 3, 2013...

  • Page 54
    ... 1, 2015 February 2, 2014 Deferred lease liability Tenant inducements $ $ 20,837 22,294 43,131 $ $ 17,994 17,521 35,515 8 LONG-TERM DEBT AND CREDIT FACILITIES In November 2013, the Company canceled the uncommitted senior secured demand revolving credit facility with Royal Bank of Canada that...

  • Page 55
    ... of restricted shares. Stock-based compensation expense charged to income for the plans was $8,269 , $10,087 and $15,637 for the years ended February 1, 2015 , February 2, 2014 , and February 3, 2013 , respectively. Total unrecognized compensation cost for all stock-based compensation plans was $25...

  • Page 56
    .... The fair value of the restricted shares and restricted stock units is based on the closing price of the Company's common stock on the award date. The following table summarizes information about stock options outstanding and exercisable at February 1, 2015 : Outstanding WeightedAverage Exercise...

  • Page 57
    ... were based upon a review of a peer group of publicly traded apparel retailers. The following assumptions were used in calculating the fair value of stock options granted in fiscal 2014 , 2013 , and 2012 : Stock Options Granted During the Fiscal Year Ended February 1, 2015 February 2, 2014 February...

  • Page 58
    ... right to operate lululemon athletica branded retail locations in the United Arab Emirates, Kuwait, Qatar, Oman and Bahrain for an initial term of five years . Under this arrangement the Company will be supplying the partner with lululemon products, training and other support. As at February 1, 2015...

  • Page 59
    ... of purchasers of lululemon stock between September 7, 2012 through January 10, 2014. In its Amended Complaint, Lead Plaintiff added new claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on certain of lululemon's public disclosures related to the Company's ongoing...

  • Page 60
    ... Company's board of directors up until February 2, 2015, owns a retail space that the Company leases for one of its corporate-owned stores. Consulting fees were paid to a relative of the Company's founder. 14 SUPPLEMENTAL CASH FLOW INFORMATION February 1, 2015 February 2, 2014 February 3, 2013 Cash...

  • Page 61
    ... asset and deferred tax liability at February 1, 2015 and February 2, 2014 are presented below: February 1, 2015 February 2, 2014 Deferred income tax asset Net operating loss carryforward Foreign tax credits Property and equipment Deferred lease liability Stock-based compensation Inventory Tenant...

  • Page 62
    ...segments based on the financial information it uses in managing its business. The Company's reportable segments are comprised of corporate-owned stores and direct to consumer. Direct to consumer represents sales from the Company's e-commerce websites. Outlet sales, showroom sales, sales to wholesale...

  • Page 63
    ... 1, 2015 February 2, 2014 United States Canada Outside of North America $ $ 133,222 144,689 18,097 296,008 $ $ 97,288 145,416 12,899 255,603 The Company's intangible assets and goodwill relate to the reporting segment consisting of corporate-owned stores. 17 QUARTERLY FINANCIAL INFORMATION...

  • Page 64
    ... in Rule 13a-15 (f) under the Securities Exchange Act of 1934, as amended). Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria set forth in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring...

  • Page 65
    ... financial and accounting officer. Our Code of Business Conduct and Ethics is available on our website, www.lululemon.com , and can be obtained by writing to Investor Relations, lululemon athletica inc., 1818 Cornwall Avenue, Vancouver, British Columbia, Canada V6J 1C7 or by sending an email...

  • Page 66
    ..., AND DIRECTOR INDEPENDENCE The information required by this item is incorporated by reference to our 2015 Proxy Statement under the captions "Certain Relationships and Related Party Transactions" and "Corporate Governance." ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES The information required by...

  • Page 67
    ... this report: 1. Financial Statements. The financial statements as set forth under Item 8 of this Annual Report on Form 10-K are incorporated herein. 2. Financial Statement Schedule. Schedule II Valuation and Qualifying Accounts Description Balance at Beginning of Year Charged to Costs and Expenses...

  • Page 68
    ... and Restated Bylaws of lululemon athletica inc. Form of Specimen Stock Certificate of lululemon athletica inc. lululemon athletica inc. 2014 Equity Incentive Plan Form of Non-Qualified Stock Option Agreement (standard) Form of Non-Qualified Stock Option Agreement (for outside directors) Form of Non...

  • Page 69
    clawback provision) 10.14* Form of Notice of Grant of Restricted Stock Units and Restricted Stock Units Agreement (no tolling of vesting, for international employees) 10.15* Form of Restricted Stock Award Agreement 8-K 10.11 001-33608 12/11/2014 8-K 10.12 001-33608 12/11/2014 62

  • Page 70
    ... named therein (including Plan of Arrangement and Exchangeable Share Provisions) Form of Indemnification Agreement between lululemon athletica inc. and its directors and certain officers Purchase and Sale Agreement between 2725312 Canada Inc and lululemon athletica inc., dated December 22, 2010...

  • Page 71
    10.32* Executive Employment Agreement, effective as of November 24, 2014 between lululemon athletica inc. and Scott (Duke) Stump 21.1 23.1 Subsidiaries of lululemon athletica inc. Consent of PricewaterhouseCoopers LLP X X 10-Q 10.13 001-33608 12/11/2014 63

  • Page 72
    ...Income, (iii) Consolidated Statements of Stockholders' Equity, (iv) Consolidated Statements of Cash Flows (v) Notes to the Consolidated Financial Statements X * ** Denotes a compensatory plan, contract or arrangement, in which our directors or executive officers may participate. Furnished herewith...

  • Page 73
    ...Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. LULULEMON ATHLETICA INC. By: /s/ LAURENT POTDEVIN Laurent Potdevin Chief Executive Officer (Principal Executive Officer) KNOW ALL PERSONS...

  • Page 74
    /s/ THOMAS G. STEMBERG Thomas G. Stemberg Director March 25, 2015 /s/ EMILY WHITE Emily White Director March 25, 2015 65

  • Page 75
    ... and Restated Bylaws of lululemon athletica inc. Form of Specimen Stock Certificate of lululemon athletica inc. lululemon athletica inc. 2014 Equity Incentive Plan Form of Non-Qualified Stock Option Agreement (standard) Form of Non-Qualified Stock Option Agreement (for outside directors) Form of Non...

  • Page 76
    ... and Restricted Stock Units Agreement (no tolling of vesting, for international employees) 10.15* Form of Restricted Stock Award Agreement 10.16* Amended and Restated LIPO Investments (USA), Inc. Option Plan and form of Award Agreement 8-K 10.11 001-33608 12/11/2014 8-K S-1 10.12 10.3 001...

  • Page 77
    ... named therein (including Plan of Arrangement and Exchangeable Share Provisions) Form of Indemnification Agreement between lululemon athletica inc. and its directors and certain officers Purchase and Sale Agreement between 2725312 Canada Inc and lululemon athletica inc., dated December 22, 2010...

  • Page 78
    21.1 23.1 31.1 Subsidiaries of lululemon athletica inc. Consent of PricewaterhouseCoopers LLP Certification of Chief 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 X X 67

  • Page 79
    ...Income, (iii) Consolidated Statements of Stockholders' Equity, (iv) Consolidated Statements of Cash Flows (v) Notes to the Consolidated Financial Statements X * ** Denotes a compensatory plan, contract or arrangement, in which our directors or executive officers may participate. Furnished herewith...

  • Page 80
    ... Plan and the Agreement, and hereby accepts the Award subject to all of their terms and conditions. LULULEMON ATHLETICA INC. By 1818 Cornwall Avenue Vancouver, British Columbia Canada, V6J 1C7 Restricted Stock Units Agreement Policy for Recoupment of Incentive Compensation Address: Attachments...

  • Page 81
    ... an Award consisting of Restricted Stock Units subject to the terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to the lululemon athletica inc. 2014 Equity Incentive Plan (the "Plan "), as amended to the Grant Date, the provisions of which are...

  • Page 82
    ... cash dividend paid per share of Stock such date and (ii) the sum of the Total Number of Units and the number of Dividend Equivalent Units previously credited to the Participant pursuant to the Award and which have not been settled or forfeited as of such date, by (b) the Fair Market Value per share...

  • Page 83
    ... withholding obligations by deducting from the shares of Stock otherwise deliverable to the Participant in settlement of the Award a number of whole shares of Stock having a fair market value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess...

  • Page 84
    ... cash, (b) stock of the Company or the Acquiror, or (c) other property which, in any such case, shall be in an amount having a Fair Market Value equal to the Fair Market Value of the consideration to be paid per share of stock in the Change in Control for each such Unit (subject to any required tax...

  • Page 85
    ... of payment of a dividend or distribution to the stockholders of the Company in a form other than Stock (excepting normal cash dividends) that has a material effect on the Fair Market Value of shares, appropriate and proportionate adjustments shall be made in the number of Units subject to the Award...

  • Page 86
    .... The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates representing shares of Stock issued pursuant to this Agreement. The Participant shall, at the request of the Company, promptly present to the Company any...

  • Page 87
    ... of the Award. Prior to the issuance of shares of Stock on the applicable Settlement Date, neither this Award nor any Units subject to this Award shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors...

  • Page 88
    ... Participant understands that the Participant must provide the Company or any designated third party administrator with a paper copy of any...as set forth or provided for herein or therein. To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan ...

  • Page 89
    ...the U. S. federal securities laws within three (3) years after the date of the first public issuance or filing of such financial results, the Company will seek to recover, at the direction of the Management Development and Compensation Committee (the " Committee ") of the Board of Directors after it...

  • Page 90
    .... The number of shares issued for restricted stock awards shall equal the specified dollar value of the restricted stock award divided by the applicable per share ASC 718 charge as of the grant date as determined by the company for financial reporting purposes. Timing of Director Compensation: Each...

  • Page 91
    ... Ltd. CANADA 7923040 Canada Inc. VICTORIA lululemon athletica australia holding Pty Ltd. lululemon australia Pty Ltd. NEW ZEALAND lululemon athletica new zealand limited HONG KONG lululemon Hong Kong Limited JAPAN lululemon athletica JP GK (1) PEOPLE'S REPUBLIC OF CHINA lululemon athletica Trading...

  • Page 92
    LUXEMBOURG lululemon LU holdings S.a.r.l. NETHERLANDS lululemon athletica NL BV SWEDEN lululemon Sweden AB SWITZERLAND lululemon athletica CH GmbH UNITED KINGDOM lululemon athletica UK ltd. _____ (1) This is the English equivalent name.

  • Page 93
    ...) of lululemon athletica inc. of our report dated March 25, 2015 relating to the consolidated financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K. /s/ PricewaterhouseCoopers LLP Vancouver, British...

  • Page 94
    ... fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ LAURENT POTDEVIN Laurent Potdevin Chief Executive Officer and Director (Principal Executive Officer) Date: March 25, 2015

  • Page 95
    ... material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ STUART C. HASELDEN Stuart C. Haselden Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) Date: March 25, 2015

  • Page 96
    ...In connection with the Annual Report of lululemon athletica inc. (the "Company") on Form 10-K for the fiscal year ended February 1, 2015 , as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of the Company certifies, pursuant to 18...