2025, so far, has been a painful year for shareholders of Lululemon Athletica (LULU). The stock has tumbled 51.9% year-to-date, a steep decline that reflects not only slowing U.S. sales, but also a shifting landscape across the entire athletic apparel space. Consumers have grown cautious about discretionary spending, especially in performance wear, and Lululemon has struggled to keep up with changing tastes. During the last earnings call, Lululemon’s management said that its products, which once set trend ...