(Reuters) -Shares of Deckers Outdoor ( DECK ) slumped 11% before the bell on Friday after the footwear maker's downbeat annual sales forecast, as economic uncertainty and tariff costs dent demand for its shoes in the U.S.

The maker of Hoka sneakers and UGG boots is feeling the pinch of President Donald Trump's tariffs, which have weighed on discretionary spending among inflation-hit, budget-conscious U.S. consumers. The company's stock down nearly 50% this year.

Last month, peer Nike reported a surprise rise in first-quarter revenue and beat profit expectations, but warned of tariff pressures and weakness in the Chinese market.

"For FY27, we see tariffs continuing to exert pressure, but we also see partial offsets from more price increases (given consumer acceptance to price hikes thus far)," Raymond James analysts said.

Deckers expects annual sales to be about $5.35 billion, compared with estimates of $5.45 billion as per data compiled by LSEG.

"For the back half, we are anticipating a more cautious consumer as impact of tariffs and price increases will be felt here in the U.S.," Deckers CEO Stefano Caroti said during a post-earnings call on Thursday.

Domestic net sales for the quarter ended September 30 fell 1.7% after rising 14.2% a year earlier.

Similar to its industry peers, Deckers implemented selective price hikes in July to shield itself from U.S. tariffs, mainly on Vietnam where it sources most of its shoes. The U.S. imposed a 20% tariff on Vietnamese imports and a 40% duty on goods rerouted through Vietnam.

For the second quarter, Deckers posted sales of $1.43 billion, above estimates of $1.42 billion, and earned a profit of $1.82 per share, compared with estimates of $1.58 apiece.

Deckers' stock is trading at 15.37 times analysts' average estimate for its earnings for the next 12 months, compared with Nike's ( NKE ) 34.61.