Are You Sure You Understand Lululemon Stock's Risk?

Lululemon Athletica (LULU) stock has lost about 47% over the past twelve months, while the S&P 500 returned about 16%. And on September 3, management lowered its revenue and earnings forecasts for the year. The stock now trades at 7.4 times earnings, against 21.5 for the S&P 500, and you might assume it has little left to lose. So how has Lululemon stock behaved when the whole market fell.