It has been a tough year for Lululemon Athletica (NASDAQ: LULU). The stock has fallen a whopping 50% just in 2024, which is the deepest drawdown of the last 10 years. As a successful apparel brand that popularized the women's leggings category, Lululemon is seeing slowing revenue growth with mounting competition in North America from upstart athleisure brands. However, it continues to grow like gangbusters outside of North America, and it just announced a large share repurchase program.

The stock keeps falling, making shares cheaper for any potential buyer. Does this give patient investors an opportunity to buy the dip on a stock that has crushed the market over the last 10 years? Let's take a closer look at Lululemon's business and find out.

At one point, Lululemon stock had posted a 3,000% total return level since going public in 2007. The market has posted a 420% total return over that time span. Today, it is up 1,700% due to the stock's large drawdown, bringing some pain to recent buyers. Long-term shareholders are still crushing the market, though.

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Source Fool.com