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Lululemon Athletica (LULU) had a tough run in 2024, with its stock sliding 24% over the past 52 weeks, significantly underperforming the broader market. The athletic apparel giant faced a series of challenges, including product-related headwinds, weaker U.S. sales, and increased competition. While these factors created uncertainty around Lululemon’s long-term growth, the company still surpassed Wall Street expectations in the fourth quarter (Q4), driven by its focus on innovation and product refreshes.