(Reuters) -Lululemon Athletica forecast annual revenue and profit below expectations on Thursday, pressured by sluggish demand for the apparel retailer's premium athleisure and accessories, sending its shares down 10% in extended trading.

"Lululemon's weaker-than-expected forecast highlights the retail sector's struggle, with price pressures prompting consumers to cut back on luxury spending and trade down to cheaper brands," Insider Intelligence analyst Rachel Wolff said.

The premium apparel retailer forecast a profit in the range of $14.00 to $14.20 per share for fiscal 2024, the midpoint of which is below expectations of $14.13 per share.

Lululemon projected fiscal 2024 revenue to range between $10.70 billion and $10.80 billion. Analysts on average had expected $10.90 billion.

However, the Vancouver, Canada-based company posted fourth-quarter revenue at $3.21 billion, topping analysts' expectations of $3.19 billion.

The company capitalized on the expansion of its lounge offering, namely Steady State and Soft Jersey for men, and continues to focus on the expansion of Wundermost, a seamless body wear collection in the women's segment.

(Reporting by Annett Mary Manoj in Bengaluru; Editing by Ravi Prakash Kumar)