Shares of Lululemon are down 18% today after the company cut guidance and cited a 'dynamic macroenvironment' for the decline. The stock market more broadly certainly isn't worried about that call with the S&P 500 up 1.2% today.This isn't a Fed call as the market has trimmed about 8 bps of easing for the year ahead since the non-farm payrolls report. Instead, the market looks to be enthusiastic about trade deals.In any case, the consumer will ultimately be important and corporates have some good views. The problem is that sometimes they mistake poor macro for poor execution. Here is the commentary from Lulu, you decide:CEO Calvin McDonald:We continue to see a more cautious discerning consumer. We're definitely not happy where the growth is in the U.S., but relative to the market in our performance versus others, please that we're putting on share, pleased with the reaction to the newness.The current tariff paradigm has brought uncertainty into the retail environment as consumers try to assess the impact they will have on daily life.Interesting relatively bullish comment on Canada:I think a bit of the delta between the Canadian and the U.S. market and the consumer we see is -- we're not seeing the same discerning consumer in Canada as we are seeing in the U.S. in terms of traffic as well as some other metrics that we monitor.CFO Meghan Frank:We did see a decline in store traffic, particularly in the US as we move from Q4 into Q1.When we think about traffic trends and headwinds, they would be predominantly in the US ... the traffic trends, I would say, would be the leading indicator on why we've taken that positioning in terms of consumer confidence and macro uncertainty in the second half.Nothing notable [on China macro], but we are still seeing strong double-digit growth in the China market.You don't hear many comments talking about stronger economy in Canada and China than the US. This article was written by Adam Button at www.forexlive.com.