while I agree that the present P/E is unsustainable, I also don't think a price as low as $35 is likely. It could settle in the mid to high 50's - still a substantial drop from current levels. Also, short covering will hold it up for a while. When that slows down, the lack of buyers could drive it down another 5-10%, so hopefully we'll see a price in the low 50s. I'll surely be buying in at that price.
I'll be selling my March put at $12.5 tomorrow, if LULU gets into the lower $60's. If not, I'll reset price to $16, and wait for it to get pummeled into the $50's. If I was single, any woman who does yoga and wears Lululemon would be a dealbreaker.