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.

For all of 2024, American Eagle generated total net revenue of $5.3 billion, a 1% increase from the year before, with total comparable sales for the year up 4%, slightly above the 3% of the year before. Comp sales for women's intimates retailer Aerie increased 5% last year while American Eagle's increased 3%.

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.