Yoga and athletic apparel maker Lululemon Athletica Inc. (NASDAQ: LULU) reported first quarter 2013 results after markets closed today. For the quarter the company reported diluted earnings per share (EPS) of $0.32 on revenue of $345.8 million. In the same period a year ago, the company reported EPS of $0.32 on revenue of $285.7 million. First-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.30 and $341.07 million in revenues.

The bigger news is that the company’s CEO, Christine Day, will leave as soon as the board finds someone to replace her. The press release stated that the company has “enacted its CEO succession plan” and that Day’s decision to leave is being announced now “so the Board has the benefit of a healthy transition period, and can openly use that time for a thorough search for the next CEO.”

Whatever. Day’s critics have wanted her gone for some time now and they’re about to get their wish.

The company was forced to pull its latest yoga pants in mid-March following complaints about the transparency of the fabric. Lululemon’s chief product officer has already departed the company over the pants problem, and the loss of revenues related to the recall of the yoga pants has been laid squarely at Day’s feet since the issue first came up.

Lululemon guided second quarter revenues up 5% to 7% in the range of $340 to $345 million compared with the same period a year ago. EPS is forecast at $0.33 to $0.35. The consensus estimates called for revenues of $328.88 million and EPS of $0.33.

For the full year, lululemon forecasts revenues of $1.645 to $1.665 billion and EPS of $1.96 to $2.01. The consensus forecast calls for full-year revenues of $1.64 billion and EPS of $1.99. The company’s revenue guidance is higher than it was three months ago, and the EPS guidance is $0.05 higher at both ends.

Lululemon’s same-store sales rose 7% in the quarter on a constant dollar basis and gross profit rose 9%. Gross margin fell sharply, from 55% to 49.4% year-over-year.

The company also announced that it will not be listed on the Toronto Stock Exchange after June 24th.

Shares are down about 9.3% in after-hours trading today, at $74.69 in a 52-week range of $52.50 to $82.50. Thomson Reuters had a consensus analyst price target of around $81.40 before today’s results were announced.

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