Shares of Lululemon Athletica are off to a terrible start this month.

The company’s shares have declined each day so far in April, with Thursday seeing the biggest dip—2.4%—so far this month.

One reason for the selloff is that management in late March estimated earnings and revenue for this year to come in below market estimates.

There are also signs of a broader slowdown among luxury retailers. The parent company of Tommy Hilfiger, PVH, earlier this week said revenue for 2024 could come in between 6% and 7% lower than 2023, on a constant currency basis.

And Kering last month warned Gucci’s first-quarter sales could be down about 20% versus the same period last year.