Lululemon CEO to Retire in June

Sportswear maker Lululemon Athletica Inc. on Wednesday said its Chief Executive Robert Meers will retire at the end of June.

Christine Day, 46, who joined Lululemon in January as executive vice president of retail operations, will replace him. She also takes the titles president and chief operating officer.

Meers joined Lululemon in 2005 and lead it through its initial public offering in July. He will act as an adviser until the end of the company's fiscal year.

Separately on Wednesday, Lululemon said fiscal year net income rose to $30.8 million, or 45 cents per share, from $7.7 million, or 11 cents per share last year. Revenue rose 85 percent to $274.7 million.

Shares fell $1.72, or 5.4 percent, to $29.85 in premarket electronic trading, from their regular session close at $31.57 Tuesday.