The stock price of Lululemon Athletica Inc (NASDAQ:LULU) (TSE:LLL) declined significantly after the retailer reported lower quarterly earnings, reduced its outlook for the fiscal year, and announced the retirement of its chief financial officer.

Lululemon Athletica

Shares of Lululemon Athletica Inc (NASDAQ:LULU) (TSE:LLL) plunged more than 16% to $37.31 per share at the time of this writing around 1:24 in the after in New York.

Lululemon’s financial results

The company posted 13 cents per diluted share in earnings for the first quarter, down from the 32 cents per diluted share in earnings it generated in the same period a year ago. Excluding a one-time adjustment for the planned repatriation of foreign earnings, its profit would have been 34 cents per share.

Lululemon Athletica Inc (NASDAQ:LULU) (TSE:LLL) said its revenue increased 11% to $382.6 million. Its total comparable sales increased 1%, while comparable corporate-store sales declined 4% on a constant dollar basis during the quarter.  The company said its direct to consumer revenue rose to $66 million or 17.2% of its total revenues.

The Canadian yoga pants retailer said its board of directors approved a common share buyback program of up to $450 million in the open markets. Lululemon Athletica Inc (NASDAQ:LULU) (TSE:LLL) ended the quarter with $752 million in cash and cash equivalents, compared to $588.4 million in the year-ago quarter.

Business outlook

Lululemon Athletica Inc (NASDAQ:LULU) (TSE:LLL) forecast that it will be able to deliver revenue in the range of $1.77 billion to $1.80 billion and earnings of around $1.71 per share to $1.76 per share for fiscal 2014. The company previously estimated that it would be able to achieve earnings in the range of $1.80 to $1.90 per share and revenue of about $1.77 billion to $1.82 billion.

For the second quarter, the retailer expected to generate diluted earnings of between 28 cents and 30 cents per share and net revenue of between $375 million and $380 million, based on a total combined comparable sales decrease in the low to mid-single digits on a constant-dollar basis.

Commenting on the company’s financial performance, CEO Laurent Potdevin said, “2014 is very much a transitional year for Lululemon, and we are on track with the improvements we have set out to achieve. We are focused on building a scalable foundation to further elevate our North American business and pursue the brand’s incredible international potential.” Potdevin added, “Despite a reduced outlook, I am confident that the work we are doing today will only enhance our premium positioning as we continue to lead as the market innovator.”

CFO retires

Lululemon Athletica Inc (NASDAQ:LULU) (TSE:LLL) also announced that CFO John Currie decided to retire from his position by the end of the year. The company said it will engage the services of a leading executive search firm to open and conduct a comprehensive search for a new CFO to replace Currie.