So your argument is that if ALL american women adopt the butt ugly fashions of a decellerating canadian cult brand and buy at a level that only new yoga practitioners buy at and tween girls also take up the yoga-slut look of their parents and all of the newly energized competitors strike out leaving the entire market to a company that has fewer stores than The Buckle and the insane PE doesn't get compressed, then it MIGHT double.
As you can tell from my sarcasm, there are a lot of things that could go wrong with this story.
And if a recession hits and sales again drop to ~$1400 per square foot LULU could drop to 20 or lower. Oh, and when a recession does hit, the CAD will probably drop to $.90USD again, putting margins where they were in 2007...
I've said it before and I'll say it again. Long only institutions are NOT accumulating here. If the economy heads into recession, the USD further strengthens, killing LULU margins on 55% of sales and likely taking SSS down closer to the $1500 level.
LULU is MORE precariously positioned than most because of its huge exposure to currency.