In a Monday announcement, Canada-based yoga-inspired athletic apparel company Lululemon Athletica, Inc. said that its financial results for the first quarter will be greatly affected by the company's recall of its signature black Luon fabric yoga pants and crops from stores, showrooms and online website.

Noting that the recall will lead to a shortage of a womens' pants line, Lululemon said that the move will have a "significant" effect on financial results; thereby implying that the company's revenue figures for the first quarter will be lower than expected.

Lululemon said in its Monday statement that, as against the earlier projections of s $355 million revenue in the first quarter, the company's first-quarter revenue will be approximately $343 million. In addition, the company - which is set to report fourth-quarter earnings on March 21 - also said that comparable-store sales will now increase by around 8 percent, instead of the previously projected increase of 11 percent.

About the recall of black Luon fabric yoga pants, Lululemon said that some of the shipments of the pants were too sheer and failed to meet the standards set by the company. It further disclosed that the recall-affected pants comprised nearly 17 percent of all womens' pants in the stores.

Expressing regret at the inconvenience which the recall has caused for the company's guests, Lululemon CEO Christine Day said: "It is always our first priority to protect the quality of our fabrics that keep our guest so loyal to our products."