The following condensed financial information is available for lululemon athletica Inc.

Instructions
(a) Perform a horizontal percent of base year analysis of lululemon's income statement and balance sheet, assuming 2012 is the base year.
(b) Using the analyses you prepared in part (a), identify any significant changes between 2012 and 2015.
(c) Which do you think would be more useful-a percent of base year amount or calculating the percentage change between periods-to analyze lululemon between 2012 and 2015? Explain.
TAKING IT FURTHER
If the operating expenses for lululemon are increasing at a faster rate than revenues, what are some of the things lululemon should consider to turn this trend around?

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lululemon athletica inc. Income Statement Fiscal Year Ended (in millions) 2014 $1,591 751 2015 $1,797 883 914 531 383 144 S 239 2013 $1,370 608 762 381 381 110 $ 271 5 2012 $1,000 431 Revenue Operating expenses Profit from operations Other expenses Profit before income taxes Income tax expense Profit 279 290 105 $ 185 443 397 S 280 lululemon athletica inc. Balance Sheet (in millions) Feb. 1 2015 $ 951 345 $1,296 Feb. 2, Feb. 3, n. 29, 2013 2014 2012 $527 208 $735 2 Current assets Non-current assets 945 307 S 787 264 Total assets $1,252 $1,051 Current liabilities Non-current liabilities 116 133 31 164 887 Total liabilities and shareholders' equity $1,296 $1,252 $1,051 160 47 $103 25 128 607 $735 Total liabilities Shareholders' equity 207 1,089 1,097