The Financial Post reports in its Thursday edition that Aritzia shares plunged Wednesday after the clothing retailer downgraded its outlook for its 2024 fiscal year, citing macroeconomic pressure on consumers and a lack of "newness" in its products. The Post's Bianca Bharti writes that the company said net revenue increased more than 13 per cent to $462.7-million for the second quarter ended May 28, with more than half of sales coming from the United States, but net income dropped more than 47 per cent to $17.5-million or 15 cents per share compared with 29 cents per share in the first quarter last year. The lack of new and innovative clothing designs contributed to slowing sales, chief executive officer Jennifer Wong told analysts on an earnings call, and the company expects Q2 revenue to be flat or slightly down. CIBC Capital Markets lowered its stock price target to $30 from $44. "It is unclear whether consumers are opting to spend fewer dollars on clothes or if they are actually choosing to allocate those dollars that were going to Aritzia to other apparel retailers," CIBC analyst Mark Petrie said in a statement to the Post. BMO Capital Markets' Stephen MacLeod also lowered his target share price to $37 from $50.