Nike (NYSE: NKE) might get all the attention in the athletic apparel industry, but Lululemon Athletica (NASDAQ: LULU) certainly deserves some appreciation. Thanks to strong underlying business performance, the latter's stock has soared 200% in the past five years, a return that crushes the 46% gain of its bigger rival. 

Even with the huge rise, Lululemon shares remain 16% below their all-time high. This should be viewed as an opportunity, especially for a company that still has sizable potential as we look ahead. Here's why Lululemon is a no-brainer growth stock that investors should buy and hold -- including in a market downturn. 

Look back at the past few years, and investors will quickly notice how consistent this company's financial performance has been. Since the second quarter of its fiscal 2020, when the pandemic was still rattling markets and the economy, Lululemon has posted 12 straight quarters of double-digit revenue growth. On its own, this track record is truly impressive. 

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Source Fool.com