For years, Calvin McDonald led a master class of double-digit growth as chief executive officer of Lululemon Athletica Inc.

And when the U.S. business saw a “slower start” last year, he attributed it to “missed opportunity in women’s and bags” and some consumer “choppiness.”

Now McDonald’s class is turning into a turnaround case study — complete with tough second-quarter sales in the U.S. and a stock drop of 15.3 percent to $174.50 in after-hours trading on Thursday.

The CEO is still bullish on Lululemon , of course, but acknowledged that the brand’s problems run deeper than previously thought. The profit outlook for this year was also cut, reflecting a $240 million hit the company will see from President Donald Trump’s trade war tariffs and the removal of the de minimis exemption

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