Levi Strauss' shares slumped about 11% in premarket trading on Thursday after it forecast tepid holiday quarter revenue as the denim maker grapples with weak demand from retailers with consumers paring back spending.

Levi has flagged that the higher-end consumer was seeing incremental signs of pressure in the U.S. and that consumers in Europe were also being highly cautious, hurting sales of its apparel - mainly in the Dockers brand, known for its chinos and khakis.

Shares of Levi Strauss & Co. slid after hours on Wednesday after the jeans maker tempered its full-year sales forecast, even as management said its core Levi’s brand was leading the way toward improvement and called out potential gains from its new partnership with Beyoncé.