Lululemon’s ( LULU ) CEO says the company is tackling its “newness” problems. Unfortunately, it has other problems, too.

In the athletic wear company’s latest earnings conference call Thursday , CEO Calvin McDonald updated investors on how Lululemon has been addressing the "newness" issue—meaning, in short, that its customers weren't inspired enough by its product mix to buy— since last summer . Examples he cited included fresh shorts for men, trousers for women, and a line of yoga wear.

"We have increased our level of newness on par with the past," McDonald said on the conference call, a transcript of which was provided by AlphaSense. "We believe this increase, along with a robust pipeline of innovation, will enable us to meet the expectations of our guests. And I'm excited about what the product teams are bringing to market this spring and throughout the year."

The shares, however, sank Friday, pulled lower in part by a disappointing outlook from the company. The stock fell further today, sliding more than 3% to bring its year-to-date decline to roughly 25%. Currently trading a bit above $280, the shares were over $400 apiece earlier this year.

McDonald in the call referred to a "more cautious consumer," a notion seen across a range of companies and economic indicators . Lululemon, he said, recently conducted a survey that indicated that consumers are spending less due to concerns about the economy and inflation.

“This is manifesting itself into slower traffic across the industry in the U.S. in quarter one, which we are experiencing in our business as well,” said McDonald in the call.

Wall Street analysts remain generally bullish on Lululemon stock, with the Street's mean price target near $400 according to Visible Alpha data.

“We will control what we can control, and we will focus on continuing to deliver the high level of newness and product innovations our guests expect from Lululemon,” McDonald said.

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