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.

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