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Lululemon CEO Christine Day to step down

Christine Day, CEO-designate of Lululemon Athletica, speaks at the Reuters Retail and Consumer Summit in New York June 17, 2008. REUTERS/Brendan M...
Lululemon CEO Christine Day will step down as soon as a replacement is found. In March, a batch of pants were recalled for being too sheer.Brendan McDermid / REUTERS

Lululemon CEO Christine Day -- often quoted for saying her company's sheer pants hadn't passed the "bend over" test -- will step down, according to a statement Monday on the company's Website.

Day has been CEO for five and a half years. Lululemon, a Canadian company, recalled the sheer Luon pants in March and announced last week that a more opaque version would soon be hitting store shelves.

The company announced Day would be stepping down as it reported a slight increase in its fiscal first-quarter profit on higher revenue, beating analysts' expectations. After the earnings announcement, the company's shares gained some in extended-hours trading.

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Revenue increased to $345.8 million from $286 million in the same period a year ago.

For the second quarter, Lululemon expects earnings to come in between 33 and 35 cents a share on revenue of $340 million to $345 million. Analysts currently expect earnings of 33 cents a share on revenue of $329 million for the quarter.

Day will step down when is successor is named. The company's board has already formed a search committee, the company said in a statement.

Reuters contributed reporting.