Nike (NKE 1.35%) and Lululemon Athletica (LULU 3.21%) are both struggling to find traction in a choppy consumer spending environment. But shares of Nike have held up better over the last 12 months, down 13% compared to Lululemon's 50% share price decline. Why buy Lululemon over Nike stock? The healthy inventory position could allow Lululemon to tighten up margins in the near term by avoiding promotional sales. All this makes Lululemon shares a better value, trading at a forward price-to-earnings multiple of around 15, well below Nike's 42.