Lululemon Athletica (NASDAQ:LULU) was down by 10% in recent U.S. pre-market trading after guiding for earnings and revenue targets for Q2 that were below the Street view. Q1 results, however, were better than expected. 

The athletic apparel retailer had adjusted earnings of $0.34 per diluted share for Q1 2014 versus the Capital IQ consensus of $0.32. Including special items, diluted EPS was $0.13. Net revenue for the quarter increased to $384.6 million from $345.8 million. The average analyst estimate was for net revenue of $382 million, based on the Capital IQ survey. 

For Q2, the company estimates revenue to be in the range of $375 million to $380 million and diluted EPS of $0.28 to $0.30. The Capital IQ consensus is for revenue of $386 million and diluted EPS of $0.36. 

For fiscal 2014, revenue is expected to be $1.770 billion to $1.800 billion and normalized diluted EPS of $1.71 to $1.76. The average analyst estimate is for revenue of $1.8 billion and diluted EPS of $1.89. 

Furthermore, board of directors has approved a stock repurchase program to buy back up to $450 million of its common shares in the open market at prevailing market prices. 

The company also said its CFO John Currie will retire by the end of the fiscal year. It engaged a search firm to seek a replacement. 

LULU closed at $44.53 on Wednesday.