Lululemon Athletica Inc. saw first-quarter revenue gains, but chief executive officer Calvin McDonald warned that U.S. consumers are becoming more cautious in their spends.

That along with a cut to the profit outlook for the year was enough to spook investors, who sent shares of the company down 22 percent to $258 in after-hours trading Thursday.

McDonald told analysts during an afternoon conference call — the company posted results after the markets closed — that he was pleased with the report as revenue growth “came in at the high end of our guidance range.”

“As we look ahead, we will continue to leverage our financial strength and our position in the marketplace to play offense, remain agile and successfully manage the environment around us,” he added.

But he also noted that U.S. consumers “remain cautious right now, and they are being very intentional about their buying decisions. Even with this, we [are gaining] market share across men’s and women’s in the premium athleticwear market in the United States.”

McDonald said the company is executing against its strategy to maximize existing markets, expand in newer markets, while also “seeding others” for future growth.

For the first quarter ended May 4, net income fell 2.1 percent to $314.6 million, or $2.60 a diluted share, from $321.4 million, or $2.54, in the same year-ago quarter. Net revenue rose 7.3 percent to $2.37 billion from $2.21 billion, with comparable sales up 1 percent.

That put the company in line with or ahead of Wall Street expectations, calling for diluted earnings per share of $2.59 on revenues of $2.37 billion, according to Yahoo Finance.

By region, Americas net revenue rose 3 percent for the quarter, but comparable sales fell 2 percent. International net revenue was up 19 percent, and comparable sales rose 6 percent.

The company said women’s apparel revenue rose 7 percent in the quarter, while men’s was up 8 percent and accessories and other revenue, such as for shoes, gained 8 percent. By channel, store revenue increased 8 percent, while digital revenue gained 6 percent.

The company said it expects second-quarter net revenue in the range of $2.54 billion to $2.56 billion, with diluted EPS in the range of $2.85 to $2.90.

For 2025, the company kept its net revenue guidance range to between $11.15 billion and $11.3 billion.

The outlook for EPS was cut to a range of $14.58 to $14.78, down from the $14.95 to $15.15 forecast in March. Analysts had the company figured for $14.94.

“Based on our quarter one revenue performance and what we’re seeing thus far in quarter two, we are maintaining our revenue guidance for the full year,” McDonald said.

Lululemon ended the quarter with 770 stores, which included three net new company-operated doors.

This year, the company signed British race car driver Lewis Hamilton as brand ambassador, and in April teamed with the Professional Women’s Hockey League for an inaugural collaboration that spotlighted fan-favorite Lululemon designs.