American Eagle Outfitters forecast annual revenue below expectations on Wednesday, joining other major U.S. apparel makers that expect a demand slowdown as shoppers battle the likelihood of pressured budgets again.

The downbeat commentary, which came along with weak guidance for the current quarter and year ahead, is the latest warning sign that the consumer might be slowing down as shoppers contend with persistent inflation and concerns around tariffs.

American Eagle (NYSE:AEO) is surrendering a knee-jerk gain of as much as 11% in after-hours trading as the company’s warnings about first quarter and full year sales offset better-than-expected fourth quarter profits and a beat on comparable store sales.