As for price-to-sales, its market cap was 2.68 times its 2021 sales of $7.88 billion. Also not obscene. For comparison, Lululemon (LULU) shares were trading around $475 in November 2021, 179% above their current price. According to S&P Global Market Intelligence, LULU had P/E and P/S ratios of nearly 70x and 10x, respectively.However, nearly 20% of the earnings were from discontinued operations -- it completed the tax-free spin-off of Victoria’s Secret in August 2021 -- so the actual P/E multiple was 20.8x ...