Just like Nike (NYSE: NKE) and other athletic brands, Lululemon expanded its direct-to-consumer (DTC) channels -- including its e-commerce platform and brick-and-mortar stores -- to reduce its dependence on third-party retailers. Yet, Lululemon's stock has still declined more than 20% this year as inflation, rising interest rates, and other macro headwinds drove the major indexes into a grueling bear market. It has plenty of pricing power, it's growing much faster than most of its industry peers, and it easily achieved its previous five-year growth targets ahead of schedule even as the pandemic brought other retailers to their knees.