Yikes, nearly 20% drop in share price after earnings. On the surface LULU actually beat WallStreet expectations for both EPS ($2.60 vs $2.58) and revenue (2.37 billion vs. $2.36 billion). By those top sheet metrics the company performed slightly better than anticipated for the quarter ending May 4th. But then we get to full-year earnings guidance, which is now expecting EPS to be between $14.58 and $14.78, down from the previous range of $14.95 to $15.15. This goes along with lowering their Q2 EPS guidance quite substantially, from $3.29 all the way down to $2.90. CEO Calvin McDonald mentioned a "dynamic macro-environment" and the need to "play offense", which are comforting words to inscrutable investors. No doubt this is all in reference to Trump's tariffs, which are a major concern to other retailers as well, such as Abercrombie, Macy's, Gap, Nike, etc. Like them, Lululemon has significant manufacturing presence in foreign countries such as Vietnam, Cambodia, and Sri Lanka - making them particularly exposed to the impacts of higher tariffs.