Lululemon Athletica's reported quarterly results that edged past expectations on Thursday, but the Canadian yogawear retailer trimmed its revenue and earnings forecast for the fiscal year.
The company, which announced a $450 million share buyback program, also said its Chief Financial Officer John Currie would retire by the end of the fiscal year, ending February 2015.
Excluding a one-time adjustment for planned repatriation of foreign earnings, the company said its profit in the quarter was 34 cents a share. Analysts on average were expecting earnings of 32 cents a share according to Thomson Reuters I/B/E/S.
On a net basis, profit in the fiscal first quarter ended May 4, fell to $19 million, or 13 cents per share, down from $47.3 million, or 32 cents per share, a year earlier.
Revenue rose 11 percent to $384.6 million, the Vancouver-based company said.
The company said it now expects revenue for the year to be in the range of $1.77 billion to $1.80 billion, with adjusted earnings of between $1.71 per share and $1.76 per share. It had earlier forecast earnings of $1.80 to $1.90 per share on revenue of $1.77 billion to $1.82 billion.
Analysts are currently expecting earnings of $1.89 a share on revenue of $1.8 billion.
The company, which is still recovering from an embarrassing recall of see-through yoga pants last year, faced another set-back on Wednesday when its founder and biggest shareholder, Chip Wilson, lashed out at its board, saying the company's new chair and another director are too focused on short-term growth and that he had voted against them in board elections.