Lululemon CEO to step down, stock slides

Mon Jun 10, 2013 4:10pm EDT

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TORONTO, June 10 (Reuters) - Premium yogawear chain Lululemon Athletica Inc said on Monday that chief executive Christine Day is stepping down once the company finds a replacement, and it reported better-than-expected profit.

The Vancouver-based Canadian retailer said net income rose to $47.3 million, or 32 cents a share in the first quarter ended May 5. This compares with $46.6 million, or 32 cents, a year earlier.

Lululemon shares fell 7 percent in after-market trade.

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