The Vancouver-based athleisure titan warned of a “more cautious consumer” as the tariff-driver, ever shifting economic backdrop eats into shoppers’ confidence.

Lululemon stock fell 15% in afternoon trading after CEO Calvin McDonald said consumers are beginning to spend less in response to increased fears about the US economy.

Lululemon reported a strong fourth quarter where revenue increased 13%. But the popular active-wear retailer had a modest outlook for this year based on uncertainty about tariffs and lower consumer spending.