(NASDAQ: LULU) stock is down over 50% this year. After huge growth during the pandemic as the brand rode the transition to athleisure around the world, sales have suddenly slowed in its key markets and with its key demographic: women. It is being attacked by other apparel brands who are now selling premium yoga and athleisure products.

The market sell-off has only exasperated this pain for Lululemon shareholders. With the stock down and now at its cheapest earnings ratio in 10 years, is now the time to buy the dip on Lululemon? Let's keep digging and find out.

The largest problem for Lululemon are sales in its home market of North America. Specifically, sales to women customers. Last quarter, Lululemon's consolidated revenue grew 10% year over year to $2.2 billion. However, almost all of this growth came internationally, with sales outside of North America growing 35% year over year while North America grew at a measly 3%. Men's sales are growing faster than women's, indicating that women's sales in North America were flat or even down last quarter.

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Source Fool.com