Shares of Lululemon Athletica fell more than 17% in premarket trading on Friday after the athleticwear maker lowered its annual profit and sales forecasts, citing weak US demand and increased tariff costs.

The company reduced its annual profit outlook for the second consecutive quarter on Thursday, as it contends with shrinking market share, rising competition, a volatile economic environment, and tariffs that are impacting discretionary consumer spending.

Lululemon’s shares have declined more than 40% this year. Weekly product launches have had little effect on reviving sales as American shoppers approach the holiday season cautiously.

"We have let our product life cycles run too long within many of our core categories," CEO Calvin McDonald said during a post-earnings call on Thurs

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