Lululemon Athletica late Thursday cut its profit forecast and said it planned to raise prices, as tariffs threaten the clothes company's supply chain. The maker of yoga pants and other athletic wear said it now expects earnings of $14.

Shares of Lululemon Athletica (NASDAQ: LULU) plunged 20% following the release of its first-quarter earnings report, which disappointed investors with weaker-than-expected comparable sales and a trimmed outlook for the remainder of the year.