Lululemon Athletica (LULU) 10-Q 10 Dec 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Nov. 01, 2020	Dec. 04, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 1, 2020
Document Transition Report	false
Entity File Number	001-33608
Entity Registrant Name	lululemon athletica inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3842867
Entity Address, Address Line One	1818 Cornwall Avenue
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6J 1C7
City Area Code	604
Local Phone Number	732-6124
Title of 12(b) Security	Common Stock, par value $0.005 per share
Trading Symbol	LULU
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		125,122,533
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001397187
Current Fiscal Year End Date	--01-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Nov. 01, 2020	Feb. 02, 2020
Current assets
Cash and cash equivalents	$ 481,581	$ 1,093,505
Accounts receivable	59,772	40,219
Inventories	770,990	518,513
Prepaid and receivable income taxes	168,272	85,159
Prepaid expenses and other current assets	120,198	70,542
Total current assets	1,600,813	1,807,938
Property and equipment, net	719,880	671,693
Right-of-use lease assets	714,086	689,664
Goodwill	386,632	24,182
Intangible assets, net	82,276	241
Deferred income tax assets	31,562	31,435
Other non-current assets	92,671	56,201
Total assets	3,627,920	3,281,354
Current liabilities
Accounts payable	160,779	79,997
Accrued inventory liabilities	10,654	6,344
Other accrued liabilities	190,366	112,641
Accrued compensation and related expenses	96,527	133,688
Current lease liabilities	138,082	128,497
Current income taxes payable	5,818	26,436
Unredeemed gift card liability	104,760	120,413
Other current liabilities	23,892	12,402
Total current liabilities	730,878	620,418
Non-current lease liabilities	635,386	611,464
Non-current income taxes payable	43,150	48,226
Deferred income tax liabilities	47,199	43,432
Other non-current liabilities	8,354	5,596
Total liabilities	1,464,967	1,329,136
Commitments and contingencies
Stockholders' equity
Undesignated preferred stock, $0.01 par value: 5,000 shares authorized; none issued and outstanding	0	0
Exchangeable stock, no par value: 60,000 shares authorized; 5,216 and 6,227 issued and outstanding	0	0
Special voting stock, $0.000005 par value: 60,000 shares authorized; 5,216 and 6,227 issued and outstanding	0	0
Common stock, $0.005 par value: 400,000 shares authorized; 125,121 and 124,122 issued and outstanding	626	621
Additional paid-in capital	374,352	355,541
Retained earnings	2,016,591	1,820,637
Accumulated other comprehensive loss	(228,616)	(224,581)
Total stockholders' equity	2,162,953	1,952,218
Total liabilities and stockholders' equity	$ 3,627,920	$ 3,281,354

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 01, 2020	Feb. 02, 2020
Statement of Financial Position [Abstract]
Undesignated preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Exchangeable stock shares authorized (in shares)	60,000,000	60,000,000
Exchangeable stock shares issued (in shares)	5,216,000	6,227,000
Exchangeable stock shares outstanding (in shares)	5,216,000	6,227,000
Special voting stock par value (in dollars per share)	$ 0.000005	$ 0.000005
Special voting stock shares authorized (in shares)	60,000,000	60,000,000
Special voting stock shares issued (in shares)	5,216,000	6,227,000
Special voting stock shares outstanding (in shares)	5,216,000	6,227,000
Common stock, par value (in dollars per share)	$ 0.005	$ 0.005
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares, issued (in shares)	125,121,000	124,122,000
Common stock, shares, outstanding (in shares)	125,121,000	124,122,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Income Statement [Abstract]
Net revenue	$ 1,117,426	$ 916,138	$ 2,672,330	$ 2,581,805
Cost of goods sold	490,072	411,094	1,221,073	1,169,245
Gross profit	627,354	505,044	1,451,257	1,412,560
Selling, general and administrative expenses	411,662	329,208	1,064,172	939,930
Amortization of intangible assets	2,241	7	2,965	7
Acquisition-related expenses	8,531	0	22,040	0
Income from operations	204,920	175,829	362,080	472,623
Other income (expense), net	(580)	1,925	250	6,154
Income before income tax expense	204,340	177,754	362,330	478,777
Income tax expense	60,697	51,772	103,254	131,202
Net income	143,643	125,982	259,076	347,575
Other comprehensive income:
Foreign currency translation adjustment	2,269	9,880	(4,035)	(1,329)
Comprehensive income	$ 145,912	$ 135,862	$ 255,041	$ 346,246
Basic earnings per share (in dollars per share)	$ 1.10	$ 0.97	$ 1.99	$ 2.67
Diluted earnings per share (in dollars per share)	$ 1.10	$ 0.96	$ 1.98	$ 2.65
Basic weighted-average number of shares outstanding (in shares)	130,318	130,282	130,271	130,420
Diluted weighted-average number of shares outstanding (in shares)	130,924	130,805	130,842	130,975

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Exchangeable Stock	Special Voting Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Feb. 03, 2019		9,332	9,332	121,600
Beginning balance at Feb. 03, 2019	$ 1,445,975		$ 0	$ 608	$ 315,285	$ 1,346,890	$ (216,808)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	347,575					347,575
Foreign currency translation adjustment	(1,329)						(1,329)
Common stock issued upon exchange of exchangeable shares (in shares)		(2,372)	(2,372)	2,372
Common stock issued upon exchange of exchangeable shares				$ 12	(12)
Stock-based compensation expense	36,070				36,070
Common stock issued upon settlement of stock-based compensation (in shares)				547
Common stock issued upon settlement of stock-based compensation	15,030			$ 3	15,027
Shares withheld related to net share settlement of stock-based compensation (in shares)				(129)
Shares withheld related to net share settlement of stock-based compensation	$ (21,493)			$ (1)	(21,492)
Repurchase of common stock (in shares)	(1,100)			(1,054)
Repurchase of common stock	$ (173,092)			$ (5)	(1,543)	(171,544)
Ending balance (in shares) at Nov. 03, 2019		6,960	6,960	123,336
Ending balance at Nov. 03, 2019	1,648,736		$ 0	$ 617	343,335	1,522,921	(218,137)
Beginning balance (in shares) at Aug. 04, 2019		7,381	7,381	122,921
Beginning balance at Aug. 04, 2019	1,507,379		$ 0	$ 615	329,915	1,404,866	(228,017)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	125,982					125,982
Foreign currency translation adjustment	9,880						9,880
Common stock issued upon exchange of exchangeable shares (in shares)		(421)	(421)	421
Common stock issued upon exchange of exchangeable shares				$ 2	(2)
Stock-based compensation expense	14,065				14,065
Common stock issued upon settlement of stock-based compensation (in shares)				50
Common stock issued upon settlement of stock-based compensation	1,516				1,516
Shares withheld related to net share settlement of stock-based compensation (in shares)				(12)
Shares withheld related to net share settlement of stock-based compensation	(2,093)				(2,093)
Repurchase of common stock (in shares)				(44)
Repurchase of common stock	(7,993)				(66)	(7,927)
Ending balance (in shares) at Nov. 03, 2019		6,960	6,960	123,336
Ending balance at Nov. 03, 2019	1,648,736		$ 0	$ 617	343,335	1,522,921	(218,137)
Beginning balance (in shares) at Feb. 02, 2020		6,227	6,227	124,122
Beginning balance at Feb. 02, 2020	1,952,218		$ 0	$ 621	355,541	1,820,637	(224,581)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	259,076					259,076
Foreign currency translation adjustment	(4,035)						(4,035)
Common stock issued upon exchange of exchangeable shares (in shares)		(1,011)	(1,011)	1,011
Common stock issued upon exchange of exchangeable shares				$ 5	(5)
Stock-based compensation expense	37,098				37,098
Common stock issued upon settlement of stock-based compensation (in shares)				515
Common stock issued upon settlement of stock-based compensation	14,142			$ 3	14,139
Shares withheld related to net share settlement of stock-based compensation (in shares)				(158)
Shares withheld related to net share settlement of stock-based compensation	$ (31,883)			$ (1)	(31,882)
Repurchase of common stock (in shares)	(400)			(369)
Repurchase of common stock	$ (63,663)			$ (2)	(539)	(63,122)
Ending balance (in shares) at Nov. 01, 2020		5,216	5,216	125,121
Ending balance at Nov. 01, 2020	2,162,953		$ 0	$ 626	374,352	2,016,591	(228,616)
Beginning balance (in shares) at Aug. 02, 2020		5,393	5,393	124,917
Beginning balance at Aug. 02, 2020	2,001,102		$ 0	$ 625	358,414	1,872,948	(230,885)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	143,643					143,643
Foreign currency translation adjustment	2,269						2,269
Common stock issued upon exchange of exchangeable shares (in shares)		(177)	(177)	177
Common stock issued upon exchange of exchangeable shares				$ 1	(1)
Stock-based compensation expense	15,186				15,186
Common stock issued upon settlement of stock-based compensation (in shares)				30
Common stock issued upon settlement of stock-based compensation	1,679			$ 1	1,678
Shares withheld related to net share settlement of stock-based compensation (in shares)				(3)
Shares withheld related to net share settlement of stock-based compensation	(926)			$ (1)	(925)
Ending balance (in shares) at Nov. 01, 2020		5,216	5,216	125,121
Ending balance at Nov. 01, 2020	$ 2,162,953		$ 0	$ 626	$ 374,352	$ 2,016,591	$ (228,616)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019
Cash flows from operating activities
Net income	$ 259,076	$ 347,575
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	133,209	114,444
Stock-based compensation expense	37,098	36,070
Settlement of derivatives not designated in a hedging relationship	(9,841)	(3,375)
Changes in operating assets and liabilities:
Inventories	(234,154)	(225,124)
Prepaid and receivable income taxes	(83,113)	(77,330)
Prepaid expenses and other current assets	(66,778)	(47,660)
Other non-current assets	(36,419)	(15,447)
Accounts payable	73,596	21,085
Accrued inventory liabilities	4,240	(5,940)
Other accrued liabilities	69,496	6,486
Accrued compensation and related expenses	(37,077)	(10,223)
Current and non-current income taxes payable	(25,611)	(48,573)
Unredeemed gift card liability	(15,624)	(24,183)
Right-of-use lease assets and current and non-current lease liabilities	6,577	9,794
Other current and non-current liabilities	10,729	17,507
Net cash provided by operating activities	85,404	95,106
Cash flows from investing activities
Purchase of property and equipment	(170,830)	(214,217)
Settlement of net investment hedges	5,867	3,378
Acquisition, net of cash acquired	(452,581)	0
Other investing activities	1,000	(1,636)
Net cash used in investing activities	(616,544)	(212,475)
Cash flows from financing activities
Proceeds from settlement of stock-based compensation	14,142	15,030
Taxes paid related to net share settlement of stock-based compensation	(31,883)	(21,493)
Repurchase of common stock	(63,663)	(173,092)
Net cash used in financing activities	(81,404)	(179,555)
Effect of exchange rate changes on cash and cash equivalents	620	1,757
Decrease in cash and cash equivalents	(611,924)	(295,167)
Cash and cash equivalents, beginning of period	1,093,505	881,320
Cash and cash equivalents, end of period	$ 481,581	$ 586,153

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	9 Months Ended
	Nov. 01, 2020
Accounting Policies [Abstract]
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	NATURE OF OPERATIONS AND BASIS OF PRESENTATION Nature of operations lululemon athletica inc., a Delaware corporation ("lululemon" and, together with its subsidiaries unless the context otherwise requires, the "Company") is engaged in the design, distribution, and retail of healthy lifestyle inspired athletic apparel and accessories. The Company primarily conducts its business through company-operated stores and direct to consumer through e-commerce. It also generates net revenue from outlets, sales from temporary locations, sales to wholesale accounts, and license and supply arrangements. The Company operates stores in the United States, Canada, the People's Republic of China ("PRC"), Australia, the United Kingdom, Japan, Germany, New Zealand, South Korea, Singapore, France, Malaysia, Sweden, Ireland, the Netherlands, Norway, an d Switzerland. The Company had 515 and 491 company-operated stores as of November 1, 2020 and February 2, 2020, respectively. On July 7, 2020, the Company acquired Curiouser Products Inc., dba MIRROR, ("MIRROR") which has been consolidated from the date of acquisition. MIRROR generates net revenue from the sale of in-home fitness equipment and associated content subscriptions. Please refer to Note 3 for further information. COVID-19 Pandemic The outbreak of a novel strain of coronavirus ("COVID-19") was declared a global pandemic by the World Health Organization in March 2020. In line with recommendations by public health officials and in accordance with governmental authority orders, the Company took actions to temporarily close the majority of its retail locations and to reduce operating hours. In February 2020, the Company temporarily closed all of its retail locations in Mainland China, and in March 2020, the Company temporarily closed all of its retail locations in North America, Europe, and certain countries in Asia Pacific. The stores in Mainland China reopened during the first quarter of fiscal 2020, and stores in other markets began reopening in accordance with local government and public health authority guidelines during the second quarter of fiscal 2020. Almost all of the Company's stores were open during the third quarter of fiscal 2020. The Company's stores are operating with restrictive measures in place such as reduced operating hours and limited occupancy levels. The Company's distribution centers in Columbus, Ohio and Sumner, Washington were temporarily closed for one and two weeks, respectively, during the first quarter of fiscal 2020 due to COVID-19. Subsequent to November 1, 2020, while almost all of the Company's retail locations have remained open, it has experienced some temporary closures and is currently operating with tighter capacity restrictions in certain markets. In response to the COVID-19 pandemic, various government programs have been announced which provide financial relief for affected businesses. The most significant relief measures which the Company qualifies for are the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in the United States, and the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada. During the third quarter of fiscal 2020 and the first three quarters of fiscal 2020, the Company recognized payroll subsidies totaling $1.4 million and $37.0 million, respectively, under these wage subsidy programs and similar plans in other jurisdictions. These subsidies were recorded as a reduction in the associated wage costs which the Company incurred, and were recognized in selling, general and administrative expenses. The Company also deferred certain corporate income tax payments and employer payroll tax payments. The most significant was the deferral of $127.5 million of Canadian corporate income tax payments from the first and second quarters of fiscal 2020 to the third quarter of fiscal 2020. The Canadian corporate income payments during the third quarter of fiscal 2020 removed the balance previously included within income taxes payable on the consolidated balance sheets and resulted in a balance being recognized within prepaid and receivable income taxes on the consolidated balance sheets. The Financial Accounting Standards Board ("FASB") issued guidance in April 2020 in relation to accounting for lease concessions made in connection with the effects of COVID-19. In accordance with this guidance, the Company has elected to treat COVID-19-related lease concessions as variable lease payments. The Company is actively negotiating commercially reasonable lease concessions. Lease concessions of $2.4 million and $5.5 million were recognized during the third quarter of fiscal 2020 and the first three quarters of fiscal 2020, respectively. Temporary closures as a result of COVID-19 and associated reduction in operating income during the first two quarters of fiscal 2020 were considered to be an indicator of impairment and the Company performed an assessment of recoverability for the long-lived assets and right-of-use assets associated with closed retail locations. In the first quarter of fiscal 2020, the Company recognized an insignificant impairment charge as a result of this analysis. Revenue is presented net of an allowance for expected returns, which is estimated based on historic return rates, trends, considering shifts towards increased online shopping by guests, and future expectations. The increase in the sales return allowance reflects the higher proportion of direct to consumer net revenue and anticipated delays in returns as a result of reduced capacity at retail locations. The COVID-19 pandemic has materially impacted the Company's operations. The extent to which COVID-19 continues to impact the Company's operations, and in turn, its operating results and financial position will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain it or treat its impact. Continued proliferation of the virus, or resurgence, may result in further or prolonged closures of the Company's retail locations and distribution centers, reduce operating hours, interrupt the Company's supply chain, cause changes in guest behavior, and reduce discretionary spending. Such factors could result in the impairment of long-lived assets and right-of-use assets and the need for an increased provision against the carrying value of the Company's inventories. Basis of presentation The unaudited interim consolidated financial statements as of November 1, 2020 and for the quarters and three quarters ended November 1, 2020 and November 3, 2019 are presented in United States dollars and have been prepared by the Company under the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial information is presented in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and, accordingly, does not include all of the information and footnotes required by GAAP for complete financial statements. The financial information as of February 2, 2020 is derived from the Company's audited consolidated financial statements and related notes for the fiscal year ended February 2, 2020, which are includ ed in Item 8 in the Company's fiscal 2019 Annual Report on Form 10-K filed with the SEC on March 26, 2020. These unaudited interim consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These unaudited interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and related notes included in Item 8 in the Company's fiscal 2019 Annual Report on Form 10-K. Changes in the significant accounting policies of the Company compared to those described in the Company's fiscal 2019 Annual Report on Form 10-K adopted as a result of the acquisition of MIRROR are described below, and Note 2 sets out the impact of recent accounting pronouncements. The Company's fiscal year ends on the Sunday closest to January 31 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2020 will end on January 31, 2021 and will be a 52-week year. Fiscal 2019 was a 52-week year. The Company's business is affected by the pattern of seasonality common to most retail apparel businesses. Historically, the Company has recognized a significant portion of its operating profit in the fourth fiscal quarter of each year as a result of increased net revenue during the holiday season. Certain comparative figures have been reclassified to conform to the financial presentation adopted for the current year. Accounting policies related to the acquisition of MIRROR Business combinations The purchase price of an acquisition is measured as the aggregate of the fair value of the consideration transferred including the acquisition-date fair value of the Company's previously held equity interests. The purchase price is allocated to the fair values of the tangible and intangible assets acquired and liabilities assumed, with any excess recorded as goodwill. These fair value determinations require judgment and may involve the use of significant estimates and assumptions. The purchase price allocation may be provisional during a measurement period of up to one year to provide reasonable time to obtain the information necessary to identify and measure the assets acquired and liabilities assumed. Any such measurement period adjustments are recognized in the period in which the adjustment amount is determined. Transaction costs associated with the acquisition are expensed as incurred. Goodwill and intangible assets Acquired finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, and are reviewed for impairment when events or circumstances indicate that the asset group to which the intangible assets belong might be impaired. The Company revises the estimated remaining useful life of these assets when events or changes in circumstances warrant a revision. If the Company revises the useful life, the unamortized balance is amortized over the remaining useful life on a prospective basis. Goodwill represents the excess of the aggregate of the consideration transferred over the net assets acquired and liabilities assumed and is tested annually for impairment, or more frequently if there are indicators of impairment. Revenue recognition and cost of goods sold MIRROR generates net revenue from the sale of in-home fitness equipment and associated content subscriptions. Certain in-home fitness contracts contain multiple performance obligations, including hardware and a subscription service commitment. For customer contracts that contain multiple performance obligations the Company accounts for individual performance obligations if they are distinct. The transaction price is allocated to each performance obligation based on its standalone selling price. The cost of digital content subscription services, including the costs of content creation, studio overhead, and related production departments is recorded in costs of goods sold.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Nov. 01, 2020
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently adopted accounting pronouncements In June 2016, the FASB issued guidance on ASC 326 "Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments". This guidance changes the impairment model for most financial assets and requires the use of a forward-looking expected loss model rather than incurred losses for instruments measured at amortized cost. Under this model, entities are required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The Company adopted this update during the first quarter of fiscal 2020 and it did not have a material impact on the Company's consolidated financial statements. Recently issued accounting pronouncements In December 2019, the FASB issued guidance on ASC 740, "Income Taxes" . The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application and simplify GAAP for other areas of this topic by clarifying and amending existing guidance. This guidance is effective for the Company beginning in its first quarter of fiscal 2021 and early adoption is permitted. The Company is currently evaluating the impact that this new guidance may have on its consolidated financial statements but does not believe it will have a material impact. In March 2020, the FASB released guidance on ASC 848, "Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting" . This update provides optional expedients and exceptions to the current guidance on contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company is currently evaluating the impact that this new guidance may have on its consolidated financial statements but does not believe it will have a material impact.

ACQUISITION

ACQUISITION	9 Months Ended
	Nov. 01, 2020
Business Combinations [Abstract]
ACQUISITION	ACQUISITION On July 7, 2020, the Company acquired all of the outstanding shares of MIRROR, an in-home fitness company with an interactive workout platform that features live and on-demand classes. The results of operations, financial position, and cash flows of MIRROR have been included in the Company's consolidated financial statements since the date of acquisition. The following table summarizes the fair value of the consideration transferred at the date of acquisition, as well as the calculation of goodwill based on the excess of consideration over the provisional fair value of net assets acquired. As part of the transaction, the Company assumed $30.1 million of MIRROR's outstanding debt. This included $15.1 million of external debt that was settled as part of the transaction and $15.0 million of debt previously owed by MIRROR to the Company, which represents the effective settlement of a preexisting relationship. The debt was determined to be at market terms and was recognized as a component of the consideration transferred, and no gain or loss was recorded on settlement. July 7, 2020 (in thousands) Fair value of consideration transferred: Cash paid to shareholders $ 428,261 Employee options attributed to pre-combination vesting 4,569 Acquired debt settled on acquisition 30,122 Fair value of existing lululemon investment 1,782 464,734 Less cash and cash equivalents acquired (12,153) Fair value of consideration transferred, net of cash and cash equivalents acquired $ 452,581 Less net assets acquired: Assets acquired: Inventories $ 16,734 Prepaid expenses and other current assets 3,492 Intangible assets 85,000 Other non-current assets 5,648 $ 110,874 Liabilities assumed: Current liabilities $ (13,465) Current and non-current lease liabilities (3,246) Net deferred income tax liability (4,074) $ (20,785) Net assets acquired $ 90,089 Goodwill $ 362,492 The purchase price allocation remains provisional as the Company is still obtaining all information necessary to finalize the fair value of acquired intangibles, deferred taxes, certain contingencies, and resulting amount of goodwill as of the date of acquisition. Goodwill relates to benefits expected as a result of the acquisition to MIRROR's business and has been allocated to the MIRROR reporting unit within the Company's other channels. None of the goodwill is expected to be deductible for income tax purposes. The Company assigned a fair value to and estimated useful lives for the intangible assets acquired as part of the MIRROR business combination. The fair value of the separately identifiable intangible assets, and their estimated useful lives as of the acquisition date were as follows: Estimated Fair Value Estimated Useful Life (In thousands) Intangible assets: Brand $ 26,500 20.0 years Customer relationships 28,000 10.0 years Technology 25,500 7.5 years Content 5,000 5.0 years $ 85,000 Accounting for business combinations requires significant estimates and assumptions to derive the fair value of acquired assets and liabilities, and in the case of MIRROR, this is with specific reference to acquired intangible assets. The fair value of intangible assets was based upon widely-accepted valuation techniques, including discounted cash flows and relief from royalty and replacement cost methods, depending on the nature of the assets acquired or liabilities assumed. Inherent in each valuation technique are critical assumptions, including future revenue growth rates, gross margin, royalty rates, discount rates, and terminal value assumptions. The recognition of deferred tax assets in relation to the historic net operating losses of MIRROR relied on assumptions and estimates of the future profitability of the Company's US operations. The Company has not disclosed pro forma information of the combined business as the transaction is not material to revenue or net earnings. Acquisition-related expenses In connection with the acquisition, the Company recognized certain acquisition-related expenses which are expensed as incurred. These expenses are recognized within acquisition-related expenses in the consolidated statements of operations include the following amounts: • transaction and integration costs, including fees for advisory and professional services incurred as part of the acquisition and integration costs subsequent to the acquisition; • acquisition-related compensation, including the partial acceleration of vesting of certain stock options, and amounts due to selling shareholders that are contingent upon continuing employment; and • gain recognized on the Company's existing investment in the acquiree as of the acquisition date. The following table summarizes the acquisition-related expenses recognized during fiscal 2020: Quarter Ended Three Quarters Ended (in thousands) Acquisition-related expenses: Transaction and integration costs $ 1,017 $ 10,263 Gain on existing investment — (782) Acquisition-related compensation 7,514 12,559 $ 8,531 $ 22,040 Income tax effects of acquisition-related expenses $ (896) $ (2,862) In the first three quarters of fiscal 2020, the Company recognized $9.7 million related to deferred consideration, and recognized an expense of $2.9 million for the partial acceleration of vesting of certain stock options held by MIRROR employees. The Company will recognize a total expense of $57.1 million for deferred consideration which is due to certain continuing MIRROR employees, subject to the continued employment of those individuals through various vesting dates up to three years from the acquisition date. This acquisition-related compensation is expensed over the vesting periods as service is provided, and consists of cash payments, which are included within accrued compensation and related expenses until payments are made, and stock-based compensation awards that have been granted under the Company's 2014 Equity Incentive Plan to replace certain unvested options as of the acquisition date.

GOODWILL

GOODWILL	9 Months Ended
	Nov. 01, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	GOODWILL The Company's goodwill is assigned to its company-operated stores and other segments. The changes in the carrying amounts of goodwill were as follows: Goodwill (In thousands) Balance as of February 2, 2020 $ 24,182 MIRROR acquisition 362,492 Effect of foreign currency translation (42) Balance as of November 1, 2020 $ 386,632

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	9 Months Ended
	Nov. 01, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	INTANGIBLE ASSETS, NET The carrying value of intangible assets, and their estimated remaining useful lives as of November 1, 2020 were as follows: November 1, February 2, Remaining Useful Life (In thousands) Intangible assets, net: Brand $ 26,058 $ — 19.7 years Customer relationships 27,033 — 9.7 years Technology 24,344 — 7.2 years Content 4,667 — 4.7 years Other 174 241 1.9 years $ 82,276 $ 241

CREDIT FACILITIES

CREDIT FACILITIES	9 Months Ended
	Nov. 01, 2020
Debt Disclosure [Abstract]
CREDIT FACILITIES	CREDIT FACILITIES North America revolving credit facility On June 6, 2018, the Company entered into Amendment No. 1 to its credit agreement. This amended the credit agreement to provide for (i) an increase in the aggregate commitments under the unsecured five-year revolving credit facility to $400.0 million, with an increase of the sub-limits for the issuance of letters of credit and extensions of swing line loans to $50.0 million for each, (ii) an increase in the option, subject to certain conditions as set forth in the credit agreement, to request increases in commitments under the revolving facility from $400.0 million to $600.0 million, and (iii) an extension in the maturity of the revolving facility from December 15, 2021 to June 6, 2023. In addition, this amendment decreased the applicable margins for LIBOR loans from 1.00%-1.75% to 1.00%-1.50% and for alternate base rate loans from 0.00%-0.75% to 0.00%-0.50%, reduced the commitment fee on average daily unused amounts under the revolving facility from 0.125%-0.200% to 0.10%-0.20%, and reduced fees for unused letters of credit from 1.00%-1.75% to 1.00%-1.50%. The Company is required to follow certain covenants. As of November 1, 2020, the Company was in compliance with these covenants. The Company had no borrowings outstanding under this credit facility as of November 1, 2020 and February 2, 2020. As of November 1, 2020, the Company had letters of credit of $2.7 million outstanding. Mainland China revolving credit facility In December 2019, the Company entered into an uncommitted and unsecured 130.0 million Chinese Yuan revolving credit facility. The terms are reviewed on an annual basis. The facility includes a revolving loan of up to 100.0 million Chinese Yuan as well as a financial bank guarantee facility of up to 30.0 million Chinese Yuan, or its equivalent in another currency. In U.S. dollars, the uncommitted and unsecured revolving credit facility is equivalent to $19.4 million, the revolving loan is equivalent of up to $14.9 million, and the financial bank guarantee facility is equivalent of up to $4.5 million. Loans are available in Chinese Yuan for a period not to exceed 12 months, and interest accrues on them at a rate equal to 105% of the applicable PBOC Benchmark Lending Rate. Guarantees have a commission equal to 1% per annum of the outstanding amount. The Company is required to follow certain covenants. As of November 1, 2020, the Company was in compliance with these covenants. As of November 1, 2020, there were no borrowings outstanding under this credit facility. 364-Day revolving credit facility On June 29, 2020, the Company entered into a 364-day credit agreement providing for a $300.0 million committed and unsecured revolving credit facility. The credit agreement matures on June 28, 2021. Bank of America, N.A., is administrative agent and swing line lender. Borrowings under the credit facility may be prepaid and commitments may be reduced or terminated without premium or penalty (other than customary breakage costs). Borrowings made under the credit facility bear interest at a rate per annum equal to, at the Company's option, either (1) a rate based on the rates applicable for deposits on the interbank market for U.S. Dollars or the applicable currency in which the borrowings are made (“LIBOR”) or (2) an alternate base rate, plus, in each case, an applicable margin. The applicable margin is determined by reference to a pricing grid, based on the ratio of indebtedness to earnings before interest, tax depreciation, amortization, and rent (“EBITDAR”) and ranges between 1.50%-2.25% for LIBOR loans and 0.50%-1.25% for alternate base rate or Canadian prime rate loans. Additionally, a commitment fee of between 0.25%-0.55%, also determined by reference to the pricing grid, is payable on the average daily unused amounts under the credit facility. The credit agreement contains negative covenants that, among other things and subject to certain exceptions, limit the ability of the Company's subsidiaries to incur indebtedness, incur liens, undergo fundamental changes, make dispositions of all or substantially all of their assets, alter their businesses and enter into agreements limiting subsidiary dividends and distributions. The Company is also required to maintain a consolidated rent-adjusted leverage ratio of not greater than 3.50:1.00 and the Company is not permitted to allow the ratio of consolidated EBITDAR to consolidated interest charges (plus rent) to be less than 2.00:1.00. The credit agreement also contains certain customary representations, warranties, affirmative covenants, and events of default (including, among others, an event of default upon the occurrence of a change of control). If an event of default occurs, the credit agreement may be terminated, and the maturity of any outstanding amounts may be accelerated. As of November 1, 2020, the Company was in compliance with the covenants. As of November 1, 2020, there were no borrowings outstanding under this credit facility. On December 4, 2020, the Company gave notice to terminate this 364-day unsecured revolving credit facility. It will be terminated without penalty on December 11, 2020.

STOCK-BASED COMPENSATION AND BE

STOCK-BASED COMPENSATION AND BENEFIT PLANS	9 Months Ended
	Nov. 01, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION AND BENEFIT PLANS	STOCK-BASED COMPENSATION AND BENEFIT PLANS Stock-based compensation plans The Company's eligible employees participate in various stock-based compensation plans, which are provided by the Company directly. Stock-based compensation expense charged to income for the plans was $41.9 million and $35.7 million for the three quarters ended November 1, 2020 and November 3, 2019, respectively. Total unrecognized compensation cost for all stock-based compensation plans w as $86.1 million at November 1, 2020, which is expected to be recognized over a weighted-average period of 2.1 years. A summary of the balances of the Company's stock-based compensation plans as of November 1, 2020, and changes during the first three quarters then ended, is presented below: Stock Options Performance-Based Restricted Stock Units Restricted Shares Restricted Stock Units Restricted Stock Units 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 February 2, 2020 776 $ 113.41 238 $ 103.52 7 $ 175.82 333 $ 108.44 29 $ 239.39 Granted 238 180.83 138 117.60 4 296.36 127 205.76 — — Exercised/released 168 84.42 171 63.03 7 175.82 172 87.00 14 366.42 Forfeited/expired 26 157.71 7 158.76 — — 10 163.30 — — Balance at November 1, 2020 820 $ 137.49 198 $ 146.25 4 $ 296.36 278 $ 164.21 15 $ 319.29 Exercisable at November 1, 2020 176 $ 107.43 The grant date fair value of each stock option granted is estimated on the date of grant using the Black-Scholes model. The assumptions used to calculate the fair value of the options granted are evaluated and revised, as necessary, to reflect market conditions and the Company's historical experience. The expected term of the options is based upon the historical experience of similar awards, giving consideration to expectations of future employee behavior. Expected volatility is based upon the historical volatility of the Company's common stock for the period corresponding with the expected term of the options. The risk-free interest rate is based on the U.S. Treasury yield curve for the period corresponding with the expected term of the options. The following are weighted averages of the assumptions that were used in calculating the fair value of stock options granted during the first three quarters of fiscal 2020: Three Quarters Ended Expected term 3.61 years Expected volatility 40.02 % Risk-free interest rate 0.32 % Dividend yield — % The Company's performance-based restricted stock units are awarded to eligible employees and entitle the grantee to receive a maximum of two shares of common stock per performance-based restricted stock unit if the Company achieves specified performance goals and the grantee remains employed during the vesting period. The fair value of performance-based restricted stock units is based on the closing price of the Company's common stock on the award date. Expense for performance-based restricted stock units is recognized when it is probable that the performance goal will be achieved. The grant date 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. Restricted stock units that are settled in cash or common stock at the election of the employee are remeasured to fair value at the end of each reporting period until settlement. This fair value is based on the closing price of the Company's common stock on the last business day before each period end. Employee share purchase plan The Company's board of directors and stockholders approved the Company's Employee Share Purchase Plan ("ESPP") in September 2007. Contributions are made by eligible employees, subject to certain limits defined in the ESPP, and the Company matches one-third of the contribution. The maximum number of shares authorized to be purchased under the ESPP is 6.0 million shares. All shares purchased under the ESPP are purchased in the open market. During the quarter ended November 1, 2020, there were 16.0 thousand shares purchased. Defined contribution pension plans The Company offers defined contribution pension plans to its eligible employees. Participating employees may elect to defer and contribute a portion of their eligible compensation to a plan up to limits stated in the plan documents, not to exceed the dollar amounts set by applicable laws. The Company matches 50% to 75% of the contribution depending on the participant's length of service, and the contribution is subject to a two year vesting period. The Company's net expense for the defined contribution plans was $6.7 million and $6.4 million in the first three quarters of fiscal 2020 and fiscal 2019, respectively.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Nov. 01, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value: • 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. Assets and liabilities measured at fair value on a recurring basis The fair value measurement is categorized in its entirety by reference to its lowest level of significant input. As of November 1, 2020 and February 2, 2020, the Company held certain assets and liabilities that are required to be measured at fair value on a recurring basis: November 1, 2020 Level 1 Level 2 Level 3 Balance Sheet Classification (In thousands) Money market funds $ 30,528 $ 30,528 $ — $ — Cash and cash equivalents Term deposits 76,428 — 76,428 — Cash and cash equivalents Forward currency contract assets 7,491 — 7,491 — Prepaid expenses and other current assets Forward currency contract liabilities 9,688 — 9,688 — Other current liabilities 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 — Prepaid expenses and other current assets Forward currency contract liabilities 1,920 — 1,920 — Other current liabilities The Company records accounts receivable, accounts payable, and accrued liabilities at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities. The Company has short-term, highly liquid investments classified as cash equivalents, which are invested in money market funds, Treasury bills, and term deposits. The Company records cash equivalents at their original purchase prices plus interest that has accrued at the stated rate. The fair values of the forward currency contract assets and liabilities are determined using observable Level 2 inputs, including foreign currency spot exchange rates, forward pricing curves, and interest rates. The fair values consider the credit risk of the Company and its counterparties. The Company's Master International Swap Dealers Association, Inc., Agreements and other similar arrangements allow net settlements under certain conditions. However, the Company records all derivatives on its consolidated balance sheets at fair value and does not offset derivative assets and liabilities.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Nov. 01, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS Foreign exchange risk The Company is exposed to risks associated with changes in foreign currency exchange rates and uses derivative financial instruments to manage its exposure to certain of these foreign currency exchange rate risks. The Company does not enter into derivative contracts for speculative or trading purposes. The Company currently hedges against changes in the Canadian dollar to U.S. dollar exchange rate and changes in the Chinese Yuan to U.S. dollar exchange rate using forward currency contracts. Net investment hedges The Company is exposed to foreign exchange gains and losses which arise on translation of its foreign subsidiaries' balance sheets into U.S. dollars. These gains and losses are recorded as a foreign currency translation adjustment in accumulated other comprehensive income or loss within stockholders' equity. The Company holds a significant portion of its assets in Canada and enters into forward currency contracts designed to hedge a portion of the foreign currency exposure that arises on translation of a Canadian subsidiary into U.S. dollars. These forward currency contracts are designated as net investment hedges. The effective portions of the hedges are reported in accumulated other comprehensive income or loss and will subsequently be reclassified to net earnings in the period in which the hedged investment is either sold or substantially liquidated. Hedge effectiveness is measured using a method based on changes in forward exchange rates. The Company recorded no ineffectiveness from net investment hedges during the first three quarters of fiscal 2020. The Company classifies the cash flows at settlement of its net investment hedges within investing activities in the consolidated statements of cash flows. Derivatives not designated as hedging instruments The Company is exposed to gains and losses arising from changes in foreign exchange rates associated with transactions which are undertaken by its subsidiaries in currencies other than their functional currency. Such transactions include intercompany transactions and inventory purchases. These transactions result in the recognition of certain foreign currency denominated monetary assets and liabilities which are remeasured to the quarter-end or settlement date exchange rate. The resulting foreign currency gains and losses are recorded in selling, general and administrative expenses. During the first three quarters of fiscal 2020, the Company entered into certain forward currency contracts designed to economically hedge the foreign exchange revaluation gains and losses that are recognized by its Canadian and Chinese subsidiaries on U.S. dollar denominated monetary assets and liabilities. The Company has not applied hedge accounting to these instruments and the change in fair value of these derivatives is recorded within selling, general and administrative expenses. The Company classifies the cash flows at settlement of its forward currency contracts which are not designated in hedging relationships within operating activities in the consolidated statements of cash flows. Quantitative disclosures about derivative financial instruments The Company presents its derivative assets and derivative liabilities at their gross fair values within prepaid expenses and other current assets and other current liabilities on the consolidated balance sheets. However, the Company's Master International Swap Dealers Association, Inc., Agreements and other similar arrangements allow net settlements under certain conditions. As of November 1, 2020, there were derivative assets of $7.5 million and derivative liabilities of $9.7 million subject to enforceable netting arrangements. The notional amounts and fair values of forward currency contracts were as follows: November 1, 2020 February 2, 2020 Gross Notional Assets Liabilities Gross Notional Assets Liabilities (In thousands) Derivatives designated as net investment hedges: Forward currency contracts $ 693,000 $ — $ 8,147 $ 417,000 $ 1,583 $ — Derivatives not designated in a hedging relationship: Forward currency contracts 744,000 7,491 1,541 460,000 152 1,920 Net derivatives recognized on consolidated balance sheets: Forward currency contracts $ 7,491 $ 9,688 $ 1,735 $ 1,920 The forward currency contracts designated as net investment hedges outstanding as of November 1, 2020 mature on different dates between November 2020 and April 2021. The forward currency contracts not designated in a hedging relationship outstanding as of November 1, 2020 mature on different dates between November 2020 and April 2021. The pre-tax gains and losses on foreign exchange forward contracts recorded in accumulated other comprehensive income or loss were as follows: Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands) Gains (losses) recognized in foreign currency translation adjustment: Derivatives designated as net investment hedges $ (7,391) $ (839) $ (3,863) $ 1,103 No gains or losses have been reclassified from accumulated other comprehensive income or loss into net income for derivative financial instruments in a net investment hedging relationship, as the Company has not sold or liquidated (or substantially liquidated) its hedged subsidiary. The pre-tax net foreign exchange and derivative gains and losses recorded in the consolidated statement of operations were as follows: Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands) Gains (losses) recognized in selling, general and administrative expenses: Foreign exchange gains (losses) $ (3,627) $ (2,945) $ 247 $ (1,700) Derivatives not designated in a hedging relationship 3,823 (94) (2,123) (1,603) Net foreign exchange and derivative gains (losses) $ 195 $ (3,039) $ (1,876) $ (3,303) Credit risk The Company is exposed to credit-related losses in the event of nonperformance by the counterparties to the forward currency contracts. The credit risk amount is the Company's unrealized gains on its derivative instruments, based on foreign currency rates at the time of nonperformance. The Company's forward currency contracts are entered into with large, reputable financial institutions that are monitored by the Company for counterparty risk.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Nov. 01, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The details of the computation of basic and diluted earnings per share are as follows: Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands, except per share amounts) Net income $ 143,643 $ 125,982 $ 259,076 $ 347,575 Basic weighted-average number of shares outstanding 130,318 130,282 130,271 130,420 Assumed conversion of dilutive stock options and awards 606 523 571 555 Diluted weighted-average number of shares outstanding 130,924 130,805 130,842 130,975 Basic earnings per share $ 1.10 $ 0.97 $ 1.99 $ 2.67 Diluted earnings per share $ 1.10 $ 0.96 $ 1.98 $ 2.65 The Company's calculation of weighted-average shares includes the common stock of the Company as well as the exchangeable shares. Exchangeable shares are the equivalent of common shares in all material respects. All classes of stock have, in effect, the same rights and share equally in undistributed net income. For the three quarters ended November 1, 2020 and November 3, 2019, 40.2 thousand and 63.0 thousand stock options and awards, respectively, were anti-dilutive to earnings per share and therefore have been excluded from the computation of diluted earnings per share. On January 31, 2019, the Company's board of directors approved a stock repurchase program for up to $500.0 million of the Company's 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, in accordance with Securities and Exchange Commission requirements. As of March 31, 2020, the Company temporarily paused its share repurchase program, which has restarted again as of September 22, 2020. As of November 1, 2020, the remaining aggregate value of shares available to be repurchased under this program was $263.6 million. During the three quarters ended November 1, 2020 and November 3, 2019, 0.4 million and 1.1 million shares, respectively, were repurchased under the program at a total cost of $63.7 million and $173.1 million, respectively. Subsequent to November 1, 2020, and up to December 4, 2020, no shares were repurchased. On December 1, 2020, the Company's board of directors approved an increase in the remaining authorization of its existing stock repurchase program from $263.6 million to $500.0 million. The repurchase plan has no time limit and does not require the repurchase of any minimum number of shares.

SUPPLEMENTARY FINANCIAL INFORMA

SUPPLEMENTARY FINANCIAL INFORMATION	9 Months Ended
	Nov. 01, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTARY FINANCIAL INFORMATION	SUPPLEMENTARY FINANCIAL INFORMATION A summary of certain consolidated balance sheet accounts is as follows: November 1, February 2, (In thousands) Inventories: Inventories, at cost $ 804,541 $ 540,580 Provision to reduce inventories to net realizable value (33,551) (22,067) $ 770,990 $ 518,513 November 1, February 2, (In thousands) Prepaid expenses and other current assets: Prepaid expenses $ 91,097 $ 64,568 Forward currency contract assets 7,491 1,735 Government payroll subsidy receivables 13,309 — Other current assets 8,301 4,239 $ 120,198 $ 70,542 Property and equipment, net: Land $ 71,322 $ 71,829 Buildings 30,045 30,187 Leasehold improvements 555,337 489,202 Furniture and fixtures 113,294 109,533 Computer hardware 108,384 95,399 Computer software 394,614 336,768 Equipment and vehicles 15,511 19,521 Work in progress 66,350 40,930 Property and equipment, gross 1,354,857 1,193,369 Accumulated depreciation (634,977) (521,676) $ 719,880 $ 671,693 Other non-current assets: Cloud computing arrangement implementation costs $ 60,740 $ 24,648 Security deposits 22,879 19,901 Other 9,052 11,652 $ 92,671 $ 56,201 Other accrued liabilities Accrued freight and other operating expenses $ 94,716 $ 43,225 Accrued duty 19,641 16,178 Sales return allowances 23,923 12,897 Sales tax collected 16,173 17,370 Accrued capital expenditures 10,685 5,457 Forward currency contract liabilities 9,688 1,920 Accrued rent 6,449 8,356 Other 9,091 7,238 $ 190,366 $ 112,641

SEGMENTED INFORMATION AND DISAG

SEGMENTED INFORMATION AND DISAGGREGATED NET REVENUE	9 Months Ended
	Nov. 01, 2020
Segment Reporting [Abstract]
SEGMENTED INFORMATION AND DISAGGREGATED NET REVENUE	SEGMENTED INFORMATION AND DISAGGREGATED NET REVENUE The Company applies ASC Topic 280, Segment Reporting ("ASC 280"), in determining reportable segments for its financial statement disclosure. The Company reports segments based on the financial information it uses in managing its business. The Company's reportable segments are comprised of company-operated stores and direct to consumer. Direct to consumer represents sales from the Company's e-commerce websites and mobile apps. Other net revenue includes revenue from outlets, temporary locations, sales to wholesale accounts, license and supply arrangements, and the sale of in-home fitness equipment and associated content subscriptions. During the first quarter of fiscal 2020, the Company reviewed its segment and general corporate expenses and determined certain costs that are more appropriately classified in different categories. Accordingly, comparative figures have been reclassified to conform to the financial presentation adopted for the current year. Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands) Net revenue: Company-operated stores $ 511,756 $ 579,521 $ 1,058,927 $ 1,669,699 Direct to consumer 478,263 246,697 1,384,604 674,177 Other 127,407 89,920 228,799 237,929 $ 1,117,426 $ 916,138 $ 2,672,330 $ 2,581,805 Segmented income from operations: Company-operated stores $ 111,780 $ 147,720 $ 76,333 $ 422,948 Direct to consumer 209,610 103,599 604,152 269,553 Other 1,304 16,820 3,622 45,860 322,694 268,139 684,107 738,361 General corporate expense 107,002 92,303 297,022 265,731 Amortization of intangible assets 2,241 7 2,965 7 Acquisition-related expenses 8,531 — 22,040 — Income from operations 204,920 175,829 362,080 472,623 Other income (expense), net (580) 1,925 250 6,154 Income before income tax expense $ 204,340 $ 177,754 $ 362,330 $ 478,777 Capital expenditures: Company-operated stores $ 37,946 $ 47,939 $ 99,081 $ 128,675 Direct to consumer 13,671 1,165 25,750 14,975 Corporate and other 14,490 29,349 45,999 70,567 $ 66,107 $ 78,453 $ 170,830 $ 214,217 Depreciation and amortization: Company-operated stores $ 26,334 $ 26,434 $ 73,925 $ 71,206 Direct to consumer 4,103 3,498 9,715 8,930 Corporate and other 18,596 14,090 49,569 34,308 $ 49,033 $ 44,022 $ 133,209 $ 114,444 The following table disaggregates the Company's net revenue by geographic area. Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands) United States $ 775,576 $ 645,600 $ 1,830,845 $ 1,821,090 Canada 181,376 159,552 428,531 428,802 Outside of North America 160,474 110,986 412,954 331,913 $ 1,117,426 $ 916,138 $ 2,672,330 $ 2,581,805 The following table disaggregates the Company's net revenue by category. Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands) Women's product $ 791,946 $ 650,269 $ 1,921,569 $ 1,829,452 Men's product 239,496 209,371 559,644 592,329 Other categories 85,984 56,498 191,117 160,024 $ 1,117,426 $ 916,138 $ 2,672,330 $ 2,581,805

LEGAL PROCEEDINGS AND OTHER CON

LEGAL PROCEEDINGS AND OTHER CONTINGENCIES	9 Months Ended
	Nov. 01, 2020
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS AND OTHER CONTINGENCIES	LEGAL PROCEEDINGS AND OTHER CONTINGENCIES In addition to the legal proceedings described below, the Company is, from time to time, involved in routine legal matters, and audits and inspections by governmental agencies and other third parties which are incidental to the conduct of its business. This includes legal matters such as initiation and defense of proceedings to protect intellectual property rights, personal injury claims, product liability claims, employment claims, and similar matters. The Company believes the ultimate resolution of any such legal proceedings, audits, and inspections will not have a material adverse effect on its consolidated balance sheets, results of operations or cash flows. On October 9, 2015, certain current and former hourly employees of the Company filed a class action lawsuit in the Supreme Court of New York entitled Rebecca Gathmann-Landini et al v. lululemon USA inc. On December 2, 2015, the case was moved to the United States District Court for the Eastern District of New York. The lawsuit alleges that the Company violated various New York labor codes by failing to pay all earned wages, including overtime compensation. This matter was settled on September 30, 2020 for an immaterial amount. On March 23, 2020, a former retail employee filed a representative action in the Los Angeles Superior Court alleging violation of the Private Attorney General Act ("PAGA") based on purported California labor code violations including failure to pay wages, failure to pay overtime, failure to provide accurate itemized statements, and failure to provide meal and rest periods. The plaintiff is seeking to recover civil penalties under PAGA. The Company intends to vigorously defend this matter. On April 9, 2020, Aliign Activation Wear, LLC filed a lawsuit in the United States District Court for the Central District of California alleging federal trademark infringement, false designation of origin and unfair competition. The plaintiff is seeking injunctive relief, monetary damages and declaratory relief. The Company intends to vigorously defend this matter.

NATURE OF OPERATIONS AND BASI_2

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Nov. 01, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited interim consolidated financial statements as of November 1, 2020 and for the quarters and three quarters ended November 1, 2020 and November 3, 2019 are presented in United States dollars and have been prepared by the Company under the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial information is presented in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and, accordingly, does not include all of the information and footnotes required by GAAP for complete financial statements. The financial information as of February 2, 2020 is derived from the Company's audited consolidated financial statements and related notes for the fiscal year ended February 2, 2020, which are includ ed in Item 8
Fiscal period	The Company's fiscal year ends on the Sunday closest to January 31 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2020 will end on January 31, 2021 and will be a 52-week year. Fiscal 2019 was a 52-week year. The Company's business is affected by the pattern of seasonality common to most retail apparel businesses. Historically, the Company has recognized a significant portion of its operating profit in the fourth fiscal quarter of each year as a result of increased net revenue during the holiday season.
Reclassification	Certain comparative figures have been reclassified to conform to the financial presentation adopted for the current year.
Business combinations	Business combinationsThe purchase price of an acquisition is measured as the aggregate of the fair value of the consideration transferred including the acquisition-date fair value of the Company's previously held equity interests. The purchase price is allocated to the fair values of the tangible and intangible assets acquired and liabilities assumed, with any excess recorded as goodwill. These fair value determinations require judgment and may involve the use of significant estimates and assumptions. The purchase price allocation may be provisional during a measurement period of up to one year to provide reasonable time to obtain the information necessary to identify and measure the assets acquired and liabilities assumed. Any such measurement period adjustments are recognized in the period in which the adjustment amount is determined. Transaction costs associated with the acquisition are expensed as incurred.
Goodwill and intangible assets	Goodwill and intangible assets Acquired finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, and are reviewed for impairment when events or circumstances indicate that the asset group to which the intangible assets belong might be impaired. The Company revises the estimated remaining useful life of these assets when events or changes in circumstances warrant a revision. If the Company revises the useful life, the unamortized balance is amortized over the remaining useful life on a prospective basis. Goodwill represents the excess of the aggregate of the consideration transferred over the net assets acquired and liabilities assumed and is tested annually for impairment, or more frequently if there are indicators of impairment.
Revenue recognition	MIRROR generates net revenue from the sale of in-home fitness equipment and associated content subscriptions. Certain in-home fitness contracts contain multiple performance obligations, including hardware and a subscription service commitment. For customer contracts that contain multiple performance obligations the Company accounts for individual performance obligations if they are distinct. The transaction price is allocated to each performance obligation based on its standalone selling price.
Cost of goods sold	The cost of digital content subscription services, including the costs of content creation, studio overhead, and related production departments is recorded in costs of goods sold.
Recently adopted and issued accounting pronouncements	Recently adopted accounting pronouncements In June 2016, the FASB issued guidance on ASC 326 "Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments". This guidance changes the impairment model for most financial assets and requires the use of a forward-looking expected loss model rather than incurred losses for instruments measured at amortized cost. Under this model, entities are required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The Company adopted this update during the first quarter of fiscal 2020 and it did not have a material impact on the Company's consolidated financial statements. Recently issued accounting pronouncements In December 2019, the FASB issued guidance on ASC 740, "Income Taxes" . The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application and simplify GAAP for other areas of this topic by clarifying and amending existing guidance. This guidance is effective for the Company beginning in its first quarter of fiscal 2021 and early adoption is permitted. The Company is currently evaluating the impact that this new guidance may have on its consolidated financial statements but does not believe it will have a material impact. In March 2020, the FASB released guidance on ASC 848, "Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting" . This update provides optional expedients and exceptions to the current guidance on contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company is currently evaluating the impact that this new guidance may have on its consolidated financial statements but does not believe it will have a material impact.
Fair value measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value: • 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. The Company records accounts receivable, accounts payable, and accrued liabilities at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities. The Company has short-term, highly liquid investments classified as cash equivalents, which are invested in money market funds, Treasury bills, and term deposits. The Company records cash equivalents at their original purchase prices plus interest that has accrued at the stated rate. The fair values of the forward currency contract assets and liabilities are determined using observable Level 2 inputs, including foreign currency spot exchange rates, forward pricing curves, and interest rates. The fair values consider the credit risk of the Company and its counterparties. The Company's Master International Swap Dealers Association, Inc., Agreements and other similar arrangements allow net settlements under certain conditions. However, the Company records all derivatives on its consolidated balance sheets at fair value and does not offset derivative assets and liabilities.

ACQUISITION (Tables)

ACQUISITION (Tables)	9 Months Ended
	Nov. 01, 2020
Business Combinations [Abstract]
Schedule of Consideration Transferred and Acquisition Related Expenses	The following table summarizes the fair value of the consideration transferred at the date of acquisition, as well as the calculation of goodwill based on the excess of consideration over the provisional fair value of net assets acquired. As part of the transaction, the Company assumed $30.1 million of MIRROR's outstanding debt. This included $15.1 million of external debt that was settled as part of the transaction and $15.0 million of debt previously owed by MIRROR to the Company, which represents the effective settlement of a preexisting relationship. The debt was determined to be at market terms and was recognized as a component of the consideration transferred, and no gain or loss was recorded on settlement. July 7, 2020 (in thousands) Fair value of consideration transferred: Cash paid to shareholders $ 428,261 Employee options attributed to pre-combination vesting 4,569 Acquired debt settled on acquisition 30,122 Fair value of existing lululemon investment 1,782 464,734 Less cash and cash equivalents acquired (12,153) Fair value of consideration transferred, net of cash and cash equivalents acquired $ 452,581 Less net assets acquired: Assets acquired: Inventories $ 16,734 Prepaid expenses and other current assets 3,492 Intangible assets 85,000 Other non-current assets 5,648 $ 110,874 Liabilities assumed: Current liabilities $ (13,465) Current and non-current lease liabilities (3,246) Net deferred income tax liability (4,074) $ (20,785) Net assets acquired $ 90,089 Goodwill $ 362,492 The following table summarizes the acquisition-related expenses recognized during fiscal 2020: Quarter Ended Three Quarters Ended (in thousands) Acquisition-related expenses: Transaction and integration costs $ 1,017 $ 10,263 Gain on existing investment — (782) Acquisition-related compensation 7,514 12,559 $ 8,531 $ 22,040 Income tax effects of acquisition-related expenses $ (896) $ (2,862)
Schedule of Acquired Finite-Lived Intangible Assets	The fair value of the separately identifiable intangible assets, and their estimated useful lives as of the acquisition date were as follows: Estimated Fair Value Estimated Useful Life (In thousands) Intangible assets: Brand $ 26,500 20.0 years Customer relationships 28,000 10.0 years Technology 25,500 7.5 years Content 5,000 5.0 years $ 85,000

GOODWILL (Tables)

GOODWILL (Tables)	9 Months Ended
	Nov. 01, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The Company's goodwill is assigned to its company-operated stores and other segments. The changes in the carrying amounts of goodwill were as follows: Goodwill (In thousands) Balance as of February 2, 2020 $ 24,182 MIRROR acquisition 362,492 Effect of foreign currency translation (42) Balance as of November 1, 2020 $ 386,632

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Nov. 01, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The carrying value of intangible assets, and their estimated remaining useful lives as of November 1, 2020 were as follows: November 1, February 2, Remaining Useful Life (In thousands) Intangible assets, net: Brand $ 26,058 $ — 19.7 years Customer relationships 27,033 — 9.7 years Technology 24,344 — 7.2 years Content 4,667 — 4.7 years Other 174 241 1.9 years $ 82,276 $ 241

STOCK-BASED COMPENSATION AND _2

STOCK-BASED COMPENSATION AND BENEFIT PLANS (Tables)	9 Months Ended
	Nov. 01, 2020
Share-based Payment Arrangement [Abstract]
Summary of Company's Stock Option, Performance Share Unit and Restricted Share Activity	A summary of the balances of the Company's stock-based compensation plans as of November 1, 2020, and changes during the first three quarters then ended, is presented below: Stock Options Performance-Based Restricted Stock Units Restricted Shares Restricted Stock Units Restricted Stock Units 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 February 2, 2020 776 $ 113.41 238 $ 103.52 7 $ 175.82 333 $ 108.44 29 $ 239.39 Granted 238 180.83 138 117.60 4 296.36 127 205.76 — — Exercised/released 168 84.42 171 63.03 7 175.82 172 87.00 14 366.42 Forfeited/expired 26 157.71 7 158.76 — — 10 163.30 — — Balance at November 1, 2020 820 $ 137.49 198 $ 146.25 4 $ 296.36 278 $ 164.21 15 $ 319.29 Exercisable at November 1, 2020 176 $ 107.43
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following are weighted averages of the assumptions that were used in calculating the fair value of stock options granted during the first three quarters of fiscal 2020: Three Quarters Ended Expected term 3.61 years Expected volatility 40.02 % Risk-free interest rate 0.32 % Dividend yield — %

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Nov. 01, 2020
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	As of November 1, 2020 and February 2, 2020, the Company held certain assets and liabilities that are required to be measured at fair value on a recurring basis: November 1, 2020 Level 1 Level 2 Level 3 Balance Sheet Classification (In thousands) Money market funds $ 30,528 $ 30,528 $ — $ — Cash and cash equivalents Term deposits 76,428 — 76,428 — Cash and cash equivalents Forward currency contract assets 7,491 — 7,491 — Prepaid expenses and other current assets Forward currency contract liabilities 9,688 — 9,688 — Other current liabilities 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 — Prepaid expenses and other current assets Forward currency contract liabilities 1,920 — 1,920 — Other current liabilities

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Nov. 01, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Forward Currency Contracts, Statement of Financial Position	The notional amounts and fair values of forward currency contracts were as follows: November 1, 2020 February 2, 2020 Gross Notional Assets Liabilities Gross Notional Assets Liabilities (In thousands) Derivatives designated as net investment hedges: Forward currency contracts $ 693,000 $ — $ 8,147 $ 417,000 $ 1,583 $ — Derivatives not designated in a hedging relationship: Forward currency contracts 744,000 7,491 1,541 460,000 152 1,920 Net derivatives recognized on consolidated balance sheets: Forward currency contracts $ 7,491 $ 9,688 $ 1,735 $ 1,920
Schedule of Pre-tax Gains (Losses) on Derivatives in Accumulated Other Comprehensive Income (Loss)	The pre-tax gains and losses on foreign exchange forward contracts recorded in accumulated other comprehensive income or loss were as follows: Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands) Gains (losses) recognized in foreign currency translation adjustment: Derivatives designated as net investment hedges $ (7,391) $ (839) $ (3,863) $ 1,103
Schedule of Derivative Gains and Losses	The pre-tax net foreign exchange and derivative gains and losses recorded in the consolidated statement of operations were as follows: Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands) Gains (losses) recognized in selling, general and administrative expenses: Foreign exchange gains (losses) $ (3,627) $ (2,945) $ 247 $ (1,700) Derivatives not designated in a hedging relationship 3,823 (94) (2,123) (1,603) Net foreign exchange and derivative gains (losses) $ 195 $ (3,039) $ (1,876) $ (3,303)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Nov. 01, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earning Per Share	The details of the computation of basic and diluted earnings per share are as follows: Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands, except per share amounts) Net income $ 143,643 $ 125,982 $ 259,076 $ 347,575 Basic weighted-average number of shares outstanding 130,318 130,282 130,271 130,420 Assumed conversion of dilutive stock options and awards 606 523 571 555 Diluted weighted-average number of shares outstanding 130,924 130,805 130,842 130,975 Basic earnings per share $ 1.10 $ 0.97 $ 1.99 $ 2.67 Diluted earnings per share $ 1.10 $ 0.96 $ 1.98 $ 2.65

SUPPLEMENTARY FINANCIAL INFOR_2

SUPPLEMENTARY FINANCIAL INFORMATION (Tables)	9 Months Ended
	Nov. 01, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Certain Balance Sheet Accounts	A summary of certain consolidated balance sheet accounts is as follows: November 1, February 2, (In thousands) Inventories: Inventories, at cost $ 804,541 $ 540,580 Provision to reduce inventories to net realizable value (33,551) (22,067) $ 770,990 $ 518,513 November 1, February 2, (In thousands) Prepaid expenses and other current assets: Prepaid expenses $ 91,097 $ 64,568 Forward currency contract assets 7,491 1,735 Government payroll subsidy receivables 13,309 — Other current assets 8,301 4,239 $ 120,198 $ 70,542 Property and equipment, net: Land $ 71,322 $ 71,829 Buildings 30,045 30,187 Leasehold improvements 555,337 489,202 Furniture and fixtures 113,294 109,533 Computer hardware 108,384 95,399 Computer software 394,614 336,768 Equipment and vehicles 15,511 19,521 Work in progress 66,350 40,930 Property and equipment, gross 1,354,857 1,193,369 Accumulated depreciation (634,977) (521,676) $ 719,880 $ 671,693 Other non-current assets: Cloud computing arrangement implementation costs $ 60,740 $ 24,648 Security deposits 22,879 19,901 Other 9,052 11,652 $ 92,671 $ 56,201 Other accrued liabilities Accrued freight and other operating expenses $ 94,716 $ 43,225 Accrued duty 19,641 16,178 Sales return allowances 23,923 12,897 Sales tax collected 16,173 17,370 Accrued capital expenditures 10,685 5,457 Forward currency contract liabilities 9,688 1,920 Accrued rent 6,449 8,356 Other 9,091 7,238 $ 190,366 $ 112,641

SEGMENTED INFORMATION AND DIS_2

SEGMENTED INFORMATION AND DISAGGREGATED NET REVENUE (Tables)	9 Months Ended
	Nov. 01, 2020
Segment Reporting [Abstract]
Segment Reporting	Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands) Net revenue: Company-operated stores $ 511,756 $ 579,521 $ 1,058,927 $ 1,669,699 Direct to consumer 478,263 246,697 1,384,604 674,177 Other 127,407 89,920 228,799 237,929 $ 1,117,426 $ 916,138 $ 2,672,330 $ 2,581,805 Segmented income from operations: Company-operated stores $ 111,780 $ 147,720 $ 76,333 $ 422,948 Direct to consumer 209,610 103,599 604,152 269,553 Other 1,304 16,820 3,622 45,860 322,694 268,139 684,107 738,361 General corporate expense 107,002 92,303 297,022 265,731 Amortization of intangible assets 2,241 7 2,965 7 Acquisition-related expenses 8,531 — 22,040 — Income from operations 204,920 175,829 362,080 472,623 Other income (expense), net (580) 1,925 250 6,154 Income before income tax expense $ 204,340 $ 177,754 $ 362,330 $ 478,777 Capital expenditures: Company-operated stores $ 37,946 $ 47,939 $ 99,081 $ 128,675 Direct to consumer 13,671 1,165 25,750 14,975 Corporate and other 14,490 29,349 45,999 70,567 $ 66,107 $ 78,453 $ 170,830 $ 214,217 Depreciation and amortization: Company-operated stores $ 26,334 $ 26,434 $ 73,925 $ 71,206 Direct to consumer 4,103 3,498 9,715 8,930 Corporate and other 18,596 14,090 49,569 34,308 $ 49,033 $ 44,022 $ 133,209 $ 114,444 The following table disaggregates the Company's net revenue by geographic area. Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands) United States $ 775,576 $ 645,600 $ 1,830,845 $ 1,821,090 Canada 181,376 159,552 428,531 428,802 Outside of North America 160,474 110,986 412,954 331,913 $ 1,117,426 $ 916,138 $ 2,672,330 $ 2,581,805 The following table disaggregates the Company's net revenue by category. Quarter Ended Three Quarters Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 (In thousands) Women's product $ 791,946 $ 650,269 $ 1,921,569 $ 1,829,452 Men's product 239,496 209,371 559,644 592,329 Other categories 85,984 56,498 191,117 160,024 $ 1,117,426 $ 916,138 $ 2,672,330 $ 2,581,805

NATURE OF OPERATIONS AND BASI_3

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2020USD ($)store	May 03, 2020	Nov. 01, 2020USD ($)store	Feb. 02, 2020store
Income Tax Contingency [Line Items]
Number of company-operated stores in operation | store	515		515	491
Government payroll subsidy recognized	$ 1.4		$ 37
Concessions
Income Tax Contingency [Line Items]
Lease concessions recognized	2.4		5.5
Canada Revenue Agency
Income Tax Contingency [Line Items]
Deferred corporate income tax	$ 127.5		$ 127.5
Minimum
Income Tax Contingency [Line Items]
Period of closure of distribution centers		7 days
Maximum
Income Tax Contingency [Line Items]
Period of closure of distribution centers		14 days

ACQUISITION - Narrative (Detail

ACQUISITION - Narrative (Details) - MIRROR - USD ($)	Jul. 07, 2020	Nov. 01, 2020
Business Acquisition [Line Items]
Acquired debt settled on acquisition	$ 30,100,000
Debt to external parties, acquired	15,100,000
Related party debt, counted for as settled	15,000,000
Total deferred consideration	$ 57,100,000
Award vesting period	3 years
Goodwill, expected tax deductible amount	$ 0
Stock Options
Business Acquisition [Line Items]
Recognized deferred compensation		$ 9,700,000
Cost recognized for partial acceleration of vesting		$ 2,900,000

ACQUISITION - Schedule of Fair

ACQUISITION - Schedule of Fair Value of Consideration Transferred (Details) - USD ($) $ in Thousands	Jul. 07, 2020	Nov. 01, 2020	Feb. 02, 2020
Liabilities assumed:
Goodwill		$ 386,632	$ 24,182
MIRROR
Fair value of consideration transferred:
Cash paid to shareholders	$ 428,261
Employee options attributed to pre-combination vesting	4,569
Acquired debt settled on acquisition	30,122
Fair value of existing lululemon investment	1,782
Fair value of consideration transferred	464,734
Less cash and cash equivalents acquired	(12,153)
Fair value of consideration transferred, net of cash and cash equivalents acquired	452,581
Assets acquired:
Inventories	16,734
Prepaid expenses and other current assets	3,492
Intangible assets	85,000
Other non-current assets	5,648
Assets acquired	110,874
Liabilities assumed:
Current liabilities	(13,465)
Current and non-current lease liabilities	(3,246)
Net deferred income tax liability	(4,074)
Liabilities assumed	(20,785)
Net assets acquired	90,089
Goodwill	$ 362,492

ACQUISITION - Schedule of Finit

ACQUISITION - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 07, 2020	Nov. 01, 2020
Brand
Intangible assets:
Estimated Useful Life		19 years 8 months 12 days
Customer relationships
Intangible assets:
Estimated Useful Life		9 years 8 months 12 days
Technology
Intangible assets:
Estimated Useful Life		7 years 2 months 12 days
Content
Intangible assets:
Estimated Useful Life		4 years 8 months 12 days
MIRROR
Intangible assets:
Estimated Fair Value	$ 85,000
MIRROR | Brand
Intangible assets:
Estimated Fair Value	$ 26,500
Estimated Useful Life	20 years
MIRROR | Customer relationships
Intangible assets:
Estimated Fair Value	$ 28,000
Estimated Useful Life	10 years
MIRROR | Technology
Intangible assets:
Estimated Fair Value	$ 25,500
Estimated Useful Life	7 years 6 months
MIRROR | Content
Intangible assets:
Estimated Fair Value	$ 5,000
Estimated Useful Life	5 years

ACQUISITION - Schedule of Acqui

ACQUISITION - Schedule of Acquisition Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Acquisition-related expenses:
Transaction and integration costs	$ 1,017		$ 10,263
Gain on existing investment	0		(782)
Acquisition-related compensation	7,514		12,559
Acquisition-related expenses	8,531	$ 0	22,040	$ 0
Income tax effects of acquisition-related expenses	$ (896)		$ (2,862)

GOODWILL (Details)

GOODWILL (Details) $ in Thousands	9 Months Ended
	Nov. 01, 2020USD ($)
Goodwill [Roll Forward]
Balance as of February 2, 2020	$ 24,182
MIRROR acquisition	362,492
Effect of foreign currency translation	(42)
Balance as of November 1, 2020	$ 386,632

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 01, 2020	Feb. 02, 2020
Intangible assets, net:
Intangible assets, net	$ 82,276	$ 241
Brand
Intangible assets, net:
Intangible assets, net	$ 26,058	0
Remaining Useful Life	19 years 8 months 12 days
Customer relationships
Intangible assets, net:
Intangible assets, net	$ 27,033	0
Remaining Useful Life	9 years 8 months 12 days
Technology
Intangible assets, net:
Intangible assets, net	$ 24,344	0
Remaining Useful Life	7 years 2 months 12 days
Content
Intangible assets, net:
Intangible assets, net	$ 4,667	0
Remaining Useful Life	4 years 8 months 12 days
Other
Intangible assets, net:
Intangible assets, net	$ 174	$ 241
Remaining Useful Life	1 year 10 months 24 days

CREDIT FACILITIES (Details)

CREDIT FACILITIES (Details)	Jun. 29, 2020USD ($)	Jun. 06, 2018USD ($)	Dec. 31, 2019USD ($)	Nov. 01, 2020USD ($)	Feb. 02, 2020USD ($)	Dec. 31, 2019CNY (¥)
Line of Credit Facility [Line Items]
Short-term debt				$ 0
Line of Credit
Line of Credit Facility [Line Items]
Long-term line of credit				0	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, term			12 months
Maximum borrowing capacity			$ 19,400,000			¥ 130,000,000
Interest accrued rate as percentage of PBOC benchmark lending rate			105.00%
Guarantees commission rate per annum of outstanding amount			1.00%			1.00%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, term	364 days	5 years
Maximum borrowing capacity	$ 300,000,000	$ 400,000,000		600,000,000
Long-term line of credit				$ 0
Revolving Credit Facility | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.125%		0.10%
Revolving Credit Facility | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.20%		0.20%
Revolving Credit Facility | Line of Credit | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%	1.00%		1.00%
Revolving Credit Facility | Line of Credit | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%	1.75%		1.50%
Revolving Credit Facility | Line of Credit | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.00%		0.00%
Revolving Credit Facility | Line of Credit | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.75%		0.50%
Letter of Credit | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 50,000,000
Long-term line of credit				$ 2,700,000
Letter of Credit | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage		1.00%		1.00%
Letter of Credit | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage		1.75%		1.50%
Swing Line Loan | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 50,000,000
Revolving Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 14,900,000			¥ 100,000,000
Financial Bank Guarantee Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 4,500,000			¥ 30,000,000

CREDIT FACILITIES - 364-Day Rev

CREDIT FACILITIES - 364-Day Revolving Credit Facility (Details)	Dec. 04, 2020	Jun. 29, 2020USD ($)	Jun. 06, 2018USD ($)	Dec. 31, 2019USD ($)	Nov. 01, 2020USD ($)	Feb. 02, 2020USD ($)	Dec. 31, 2019CNY (¥)
Line of Credit
Line of Credit Facility [Line Items]
Long-term line of credit					$ 0	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, term				12 months
Maximum borrowing capacity				$ 19,400,000			¥ 130,000,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, term		364 days	5 years
Maximum borrowing capacity		$ 300,000,000	$ 400,000,000		600,000,000
Leverage ratio, maximum		3.50
Interest charge ratio, minimum		2
Long-term line of credit					$ 0
Revolving Credit Facility | Line of Credit | Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, term	364 days
Revolving Credit Facility | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Unused capacity commitment fee		0.25%
Revolving Credit Facility | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Unused capacity commitment fee		0.55%
Revolving Credit Facility | Line of Credit | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%	1.00%		1.00%
Revolving Credit Facility | Line of Credit | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.25%	1.75%		1.50%
Revolving Credit Facility | Line of Credit | Prime Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility | Line of Credit | Prime Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%

STOCK-BASED COMPENSATION AND _3

STOCK-BASED COMPENSATION AND BENEFIT PLANS - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Nov. 01, 2020USD ($)shares	Nov. 01, 2020USD ($)shares	Nov. 03, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 41.9	$ 35.7
Total unrecognized compensation cost	$ 86.1	$ 86.1
Expected weighted-average period of compensation cost		2 years 1 month 6 days
Common stock per performance share unit (in shares)	2	2
Company match contribution		33.33%
Vesting period		2 years
Company contributions		$ 6.7	$ 6.4
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Participant contribution, company match percent		50.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Participant contribution, company match percent		75.00%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares available under ESPP (in shares) | shares	6,000,000	6,000,000
Shares purchased under ESPP (in shares) | shares	16,000

STOCK-BASED COMPENSATION AND _4

STOCK-BASED COMPENSATION AND BENEFIT PLANS - Summary of Company's Stock Option, Performance Share Unit and Restricted Share Activity (Details) shares in Thousands	9 Months Ended
	Nov. 01, 2020$ / sharesshares
Stock Options
Number of Stock Options
Beginning balance (in shares) | shares	776
Granted (in shares) | shares	238
Exercised/released (in shares) | shares	168
Forfeited/expired (in shares) | shares	26
Ending balance (in shares) | shares	820
Number of stock options, exercisable at end of period (in shares) | shares	176
Weighted-Average Exercise Price of Stock Options
Beginning balance (in dollars per share) | $ / shares	$ 113.41
Granted (in dollars per share) | $ / shares	180.83
Exercised/released (in dollars per share) | $ / shares	84.42
Forfeited/expired (in dollars per share) | $ / shares	157.71
Ending balance (in dollars per share) | $ / shares	137.49
Weighted-average exercise price, options, exercisable at end of period (in dollars per share) | $ / shares	$ 107.43
Performance-Based Restricted Stock Units
Number of Performance-Based Restricted Stock Units and Restricted Shares
Beginning balance (in shares) | shares	238
Granted (in shares) | shares	138
Exercised/released (in shares) | shares	171
Forfeited/expired (in shares) | shares	7
Ending balance (in shares) | shares	198
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 103.52
Granted (in dollars per share) | $ / shares	117.60
Exercised/released (in dollars per share) | $ / shares	63.03
Forfeited/expired (in dollars per share) | $ / shares	158.76
Ending balance (in dollars per share) | $ / shares	$ 146.25
Restricted Shares
Number of Performance-Based Restricted Stock Units and Restricted Shares
Beginning balance (in shares) | shares	7
Granted (in shares) | shares	4
Exercised/released (in shares) | shares	7
Forfeited/expired (in shares) | shares	0
Ending balance (in shares) | shares	4
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 175.82
Granted (in dollars per share) | $ / shares	296.36
Exercised/released (in dollars per share) | $ / shares	175.82
Forfeited/expired (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 296.36
Restricted Stock Units
Number of Performance-Based Restricted Stock Units and Restricted Shares
Beginning balance (in shares) | shares	333
Granted (in shares) | shares	127
Exercised/released (in shares) | shares	172
Forfeited/expired (in shares) | shares	10
Ending balance (in shares) | shares	278
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 108.44
Granted (in dollars per share) | $ / shares	205.76
Exercised/released (in dollars per share) | $ / shares	87
Forfeited/expired (in dollars per share) | $ / shares	163.30
Ending balance (in dollars per share) | $ / shares	$ 164.21
Restricted Stock Units (Liability Accounting)
Number of Performance-Based Restricted Stock Units and Restricted Shares
Beginning balance (in shares) | shares	29
Granted (in shares) | shares	0
Exercised/released (in shares) | shares	14
Forfeited/expired (in shares) | shares	0
Ending balance (in shares) | shares	15
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 239.39
Granted (in dollars per share) | $ / shares	0
Exercised/released (in dollars per share) | $ / shares	366.42
Forfeited/expired (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 319.29

STOCK-BASED COMPENSATION AND _5

STOCK-BASED COMPENSATION AND BENEFIT PLANS - Fair Value Assumptions (Details)	9 Months Ended
	Nov. 01, 2020
Share-based Payment Arrangement [Abstract]
Expected term	3 years 7 months 9 days
Expected volatility	40.02%
Risk-free interest rate	0.32%
Dividend yield	0.00%

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Thousands	Nov. 01, 2020	Feb. 02, 2020
Cash and cash equivalents | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 30,528	$ 610,800
Cash and cash equivalents | Term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	76,428	203,360
Cash and cash equivalents | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	30,528	610,800
Cash and cash equivalents | Level 1 | Term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Cash and cash equivalents | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Cash and cash equivalents | Level 2 | Term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	76,428	203,360
Cash and cash equivalents | Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Cash and cash equivalents | Level 3 | Term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract assets	7,491	1,735
Prepaid expenses and other current assets | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract assets	0	0
Prepaid expenses and other current assets | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract assets	7,491	1,735
Prepaid expenses and other current assets | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract assets	0	0
Other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract liabilities	9,688	1,920
Other current liabilities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract liabilities	0	0
Other current liabilities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract liabilities	9,688	1,920
Other current liabilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract liabilities	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Quantitative Disclosures about Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019	Feb. 02, 2020
Derivatives, Fair Value [Line Items]
Assets	$ 7,500		$ 7,500
Liabilities	9,700		9,700
Forward currency contracts
Derivatives, Fair Value [Line Items]
Assets	7,491		7,491		$ 1,735
Liabilities	9,688		9,688		1,920
Gains (losses) recognized in selling, general and administrative expenses:
Net foreign exchange and derivative gains (losses)	195	$ (3,039)	(1,876)	$ (3,303)
Forward currency contracts | Derivatives designated as net investment hedges:
Derivatives, Fair Value [Line Items]
Gross Notional	693,000		693,000		417,000
Assets	0		0		1,583
Liabilities	8,147		8,147		0
Gains (losses) recognized in foreign currency translation adjustment:
Derivatives designated as net investment hedges	(7,391)	(839)	(3,863)	1,103
Gains (losses) recognized in selling, general and administrative expenses:
Net foreign exchange and derivative gains (losses)	(3,627)	(2,945)	247	(1,700)
Forward currency contracts | Derivatives not designated in a hedging relationship:
Derivatives, Fair Value [Line Items]
Gross Notional	744,000		744,000		460,000
Assets	7,491		7,491		152
Liabilities	1,541		1,541		$ 1,920
Gains (losses) recognized in selling, general and administrative expenses:
Net foreign exchange and derivative gains (losses)	$ 3,823	$ (94)	$ (2,123)	$ (1,603)

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Earnings Per Share [Abstract]
Net income	$ 143,643	$ 125,982	$ 259,076	$ 347,575
Basic weighted-average number of shares outstanding (in shares)	130,318	130,282	130,271	130,420
Assumed conversion of dilutive stock options and awards (in shares)	606	523	571	555
Diluted weighted-average number of shares outstanding (in shares)	130,924	130,805	130,842	130,975
Basic earnings per share (in dollars per share)	$ 1.10	$ 0.97	$ 1.99	$ 2.67
Diluted earnings per share (in dollars per share)	$ 1.10	$ 0.96	$ 1.98	$ 2.65

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 04, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019	Dec. 01, 2020	Jan. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options (in shares)			40,200	63,000
Aggregate amount authorized for stock repurchase (up to)						$ 500,000,000
Remaining authorized repurchase amount			$ 263,600,000
Repurchase of common stock (in shares)			400,000	1,100,000
Repurchase of common stock		$ 7,993,000	$ 63,663,000	$ 173,092,000
Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Remaining authorized repurchase amount					$ 500,000,000
Repurchase of common stock (in shares)	0

SUPPLEMENTARY FINANCIAL INFOR_3

SUPPLEMENTARY FINANCIAL INFORMATION - Summary of Certain Balance Sheet Accounts (Details) - USD ($) $ in Thousands	Nov. 01, 2020	Feb. 02, 2020
Inventories:
Inventories, at cost	$ 804,541	$ 540,580
Provision to reduce inventories to net realizable value	(33,551)	(22,067)
Total inventories	770,990	518,513
Prepaid expenses and other current assets:
Prepaid expenses	91,097	64,568
Forward currency contract assets	7,491	1,735
Government payroll subsidy receivables	13,309	0
Other current assets	8,301	4,239
Prepaid expenses and other current assets	120,198	70,542
Property and equipment, net:
Land	71,322	71,829
Buildings	30,045	30,187
Leasehold improvements	555,337	489,202
Furniture and fixtures	113,294	109,533
Computer hardware	108,384	95,399
Computer software	394,614	336,768
Equipment and vehicles	15,511	19,521
Work in progress	66,350	40,930
Property and equipment, gross	1,354,857	1,193,369
Accumulated depreciation	(634,977)	(521,676)
Total property and equipment	719,880	671,693
Other non-current assets:
Cloud computing arrangement implementation costs	60,740	24,648
Security deposits	22,879	19,901
Other	9,052	11,652
Total other non-current assets	92,671	56,201
Other accrued liabilities
Accrued freight and other operating expenses	94,716	43,225
Accrued duty	19,641	16,178
Sales return allowances	23,923	12,897
Sales tax collected	16,173	17,370
Accrued capital expenditures	10,685	5,457
Forward currency contract liabilities	9,688	1,920
Accrued rent	6,449	8,356
Other	9,091	7,238
Other accrued liabilities	$ 190,366	$ 112,641

SEGMENTED INFORMATION AND DIS_3

SEGMENTED INFORMATION AND DISAGGREGATED NET REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Net revenue:
Net revenue	$ 1,117,426	$ 916,138	$ 2,672,330	$ 2,581,805
Segmented income from operations:
Segmented income from operations	322,694	268,139	684,107	738,361
General corporate expense	107,002	92,303	297,022	265,731
Amortization of intangible assets	2,241	7	2,965	7
Acquisition-related expenses	8,531	0	22,040	0
Income from operations	204,920	175,829	362,080	472,623
Other income (expense), net	(580)	1,925	250	6,154
Income before income tax expense	204,340	177,754	362,330	478,777
Capital expenditures:
Capital expenditures	66,107	78,453	170,830	214,217
Depreciation and amortization:
Depreciation and amortization	49,033	44,022	133,209	114,444
Women's product
Net revenue:
Net revenue	791,946	650,269	1,921,569	1,829,452
Men's product
Net revenue:
Net revenue	239,496	209,371	559,644	592,329
Other categories
Net revenue:
Net revenue	85,984	56,498	191,117	160,024
United States
Net revenue:
Net revenue	775,576	645,600	1,830,845	1,821,090
Canada
Net revenue:
Net revenue	181,376	159,552	428,531	428,802
Outside of North America
Net revenue:
Net revenue	160,474	110,986	412,954	331,913
Corporate and other
Capital expenditures:
Capital expenditures	14,490	29,349	45,999	70,567
Depreciation and amortization:
Depreciation and amortization	18,596	14,090	49,569	34,308
Company-operated stores
Net revenue:
Net revenue	511,756	579,521	1,058,927	1,669,699
Segmented income from operations:
Segmented income from operations	111,780	147,720	76,333	422,948
Company-operated stores | Operating segments
Capital expenditures:
Capital expenditures	37,946	47,939	99,081	128,675
Depreciation and amortization:
Depreciation and amortization	26,334	26,434	73,925	71,206
Direct to consumer
Net revenue:
Net revenue	478,263	246,697	1,384,604	674,177
Segmented income from operations:
Segmented income from operations	209,610	103,599	604,152	269,553
Direct to consumer | Operating segments
Capital expenditures:
Capital expenditures	13,671	1,165	25,750	14,975
Depreciation and amortization:
Depreciation and amortization	4,103	3,498	9,715	8,930
Other
Net revenue:
Net revenue	127,407	89,920	228,799	237,929
Segmented income from operations:
Segmented income from operations	$ 1,304	$ 16,820	$ 3,622	$ 45,860