Why Is Everyone Ignoring Lululemon Stock's High Cash Yield?

Lululemon Athletica (LULU) stock is 77% below its two-year high. The cash Lululemon keeps after all spending is now 12.5% of its market value, against 4.6% for the median S&P 500 company. A cash yield that high means the market is underpaying, or expects the business to get smaller. What does the market see in Lululemon that makes it pay so little for this cash.