Walmart shares dipped as much as 7% in intraday trading as the company, which owns PhonePe and Flipkart, forecasted a dip in its earnings per share for the fiscal. This is the first time the company has forecasted a dip in its EPS since 2022.

“The company’s guidance assumes a generally stable consumer and continued pressure from its mix of products and formats globally,” Walmart said in a statement.

The sell-off in Walmart shares comes just four days after they closed at a record high. The dip in shares has put them on track to have their worst day since they fell 11.4% on May 17, 2022.

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Walmart said that it expects first-quarter adjusted earnings per share of 57 cents to 58 cents, down from 60 cents a year ago and below the FactSet consensus of 64 cents.

For the upcoming year, Walmart expects overall net sales growth in the range of 3% to 4%, which is lower than the 5% growth the company experienced in the last fiscal year.

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The company’s chief financial officer, John David Rainey, said that the guidance doesn’t include the potential impact of tariffs, given the unpredictability around the levies. Walmart imports food from Mexico and general-merchandise products like microwaves from China.

“We’ll work with suppliers. We’ll lean into our private brands” to keep prices low, he said, adding that the company has operated with tariffs for several years.

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The retailer, known for low prices, has benefitted in recent years from consumers prioritizing essentials like groceries following years of inflation. In the most recent quarter, the company said it saw growth in market share primarily from households earning more than $100,000 per year.

Tariffs remain a big question mark for retail companies after US President Donald Trump temporarily paused them on products from Mexico and Canada and imposed additional levies on China. Many consumer companies have yet to incorporate the impact of tariffs into their guidance.