Lululemon Athletica (NASDAQ:LULU) stock price continued its strong downward trend, reaching its lowest level since December 2018, with its market capitalization falling from $67.2 billion to $14.3 billion today.
The stock has plunged amid concerns about its growth trajectory amid the rising competition from companies like Nike (NYSE:NKE), Gap's (NYSE:GAP) Athleta, Vuori, and Alo Yoga.
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Lululemon's growth has slowed substantially in the past few years. Gone are the days when it constantly experienced double-digit revenue growth. Its most recent earnings revealed that its revenue rose by just 1% in the fourth quarter to $3.6 billion.
Its Americas business experienced a 1% revenue decline, which was offset by its international business, which grew by 17%. Its annual revenue rose by 5% to $11.1 billion, helped by its international business, which grew by 22%.
