Lululemon Athletica Inc. (NASDAQ: LULU) has been one of the largest and greatest IPO-to-riches stories of the past decade. That was the case right up until the company proved that it could make blunders too. After its see-through yoga pants, then the company opted to seek a new CEO. Now the company’s latest earnings release signals that the end of the company’s troubles might not be here yet.

The yoga and athletic apparel retailer said that its net revenue for the quarter rose by 22% to $344.5 million, versus a Thomson Reuters consensus of $342.8 million. Its comparable stores sales for the second quarter rose by 8% on a constant dollar basis.

Here is where the problem is, even if the number looks better on the surface: Lululemon’s earnings per share came to $0.39 on net income of $56.5 million, versus $0.39 on net income of $57.2 million in the second quarter of fiscal 2012. The earnings per share was static but the actual earnings dropped. The Thomson Reuters estimate was at $0.35 per share. Guidance gets worse, much worse …

For the third quarter, revenue now is expected to be in the range of $370 million to $375 million, with same-store sales expected to rise in the mid-single digits. Its earnings per share is put at $0.39 to $0.41 for the quarter. Thomson Reuters is calling for $0.45 per share in earnings and just over $390 million in sales.

For the full fiscal 2013, the company sees revenue in a range of $1.625 billion to $1.635 billion and earnings per share in a range of $1.94 to $1.97. Thomson Reuters has estimates of $2.00 in earnings per share and $1.67 billion in sales.

Lululemon shares closed at $69.02 on Wednesday, and its 52-week trading range is $59.60 to $82.50. Shares are indicated down around 8% at $63.40 in the early indications Thursday.

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