Lululemon Athletica reported weaker-than-expected earnings guidance and cut its full-year revenue and profit outlook, signaling a slowdown in growth.

The company now expects lower revenue for both the second quarter and full year than Wall Street had forecast, citing ongoing business headwinds.

Shares fell more than 11% after the announcement as investors reacted to the disappointing outlook.

Incoming CEO Heidi O’Neill, a former Nike executive, will take over in September amid increasing competition and slowing sales, Yahoo Finance has reported.

Despite the downturn, recent results showed modest growth and some metrics slightly ahead of expectations, suggesting mixed performance.