×
333
Fashion Jobs
DIAMOND RETAIL INDIA
Hiring For Sales Officer/Area Sales Manager (Jharkhand All District)
Permanent · Chatra
DIAMOND RETAIL INDIA
Hiring For Sales Officer/Area Sales Manager /Sales Manager (up)
Permanent · Mirzapur
FINO PAYMENTS BANK
Territory Sales Manager - Merchant & Distributor Onboarding - wb
Permanent · Cooch Behar
SUGUNA FOODS PRIVATE LIMITED
Area Sales Manager-Animal Health Products Sales (Bangalore)
Permanent · Bengaluru
MUTHOOT FINCORP LTD
Area Manager - Chennai
Permanent · Chennai
SUGUNA FOODS PRIVATE LIMITED
Area Sales Manager-Animal Health Products Sales (Bangalore)
Permanent · Bengaluru
DIAMOND RETAIL INDIA
Hiring For Sales Officer/Area Sales Manager/Sales Manager (Bihar)
Permanent · Katihar
VIJAY SYSTEMS ENGINEERS PVT LTD ( UMBERGOAN)
Production Manager
Permanent · Vapi
VIDVAS HR SOLUTIONS PRIVATE LIMITED
sr Manager - Production . Only Leather Bags Exp - Chennai
Permanent · Chennai
SHREE SADGURU MASALA & SPICES IND PVT LTD
Regional Sales Manager
Permanent · Navi Mumbai
MAGNATEK ENTERPRISES
Looking For Area Sales Manager
Permanent · Chennai
BANDHAN LIFE SCIENCE PRIVATE LIMITED
Area Sales Manager
Permanent · Kolkata
WINGS PHARMACEUTICALS
Area Sales Manager - Generic Division
Permanent · Ludhiana
FIRST SOLUTION
Agency Development Manager/Recruitment Development Manager(Insurance)
Permanent · Pune
NCL INDUSTRIES LIMITED (BISON PANEL)
Area Sales Manager - Hyderabad (Boards Division)
Permanent · Hyderabad
LN GLOBAL CAREER SERVICES LLP
Required Regional Sales Manager For Pharmaceutical Company
Permanent · Chennai
LN GLOBAL CAREER SERVICES LLP
Required Zonal Sales Manager For Pharmaceutical Company
Permanent · Chennai
LEVI'S
Group Product Manager
Permanent · Bengaluru
AVENUE SUPERMARTS LIMITED
Excellent Opportunity With Dmart _ Production Managers
Permanent · Chikmagalur
ENOAH I SOLUTION INDIA PRIVATE LIMITED
Area Sales Manager
Permanent · Bengaluru
KISHOR EXPORTS
Garment Technician
Permanent · Agra
CENTURY PLYBOARDS (I) LIMITED
Area Sales Manager - Delhi / Ghaziabad
Permanent · Ghaziabad
By
Reuters
Published
Oct 31, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Under Armour slashes forecasts as North America slide worsens

By
Reuters
Published
Oct 31, 2017

Under Armour Inc slashed 2017 forecasts and reported its first quarterly fall in revenue since going public as the sportswear firm struggled against fierce competition from Nike and Adidas in North America.



Shares in the maker of Stephen Curry basketball shoes, already among the worst performing stocks on the S&P 500 in the past year, fell 16 percent to $13.82 in premarket trading.

Rival Nike also fell as did shares in several retail chains which sell Under Armour’s products -- Dick’s Sporting , Finish Line and Hibbet.

The sportswear maker struggled again in its biggest market, North America, as a lack of innovation coupled with an intensifying price war among retailers ate into profits.

One part of the company’s troubles is linked to the waning demand for athleisure fashion, where customers wear exercise clothing in both casual and formal environments.

Retail chains which stocked these items heavily not long ago are now reducing shelf space, spurring a 12 percent decline in wholesale revenue for Under Armour.

The repositioning of Adidas, an underdog only two years ago in North America, has also exacerbated Under Armour’s problems as the German firm won back customers with cleverly tweaked retro lines of shoes.

Under Armour’s revenue fell 4.5 percent year-on-year in the quarter ended Sept. 30, its first such decline since going public in 2005. The company also blamed “operational challenges” related to the upgrading of its IT systems for the drop in sales.

The Baltimore, Maryland-based company cut its forecast for the percentage rise in full-year revenue to the low single-digits from 9-11 percent earlier.

“This is now about more than external factors,” Neil Saunders, managing director of research house GlobalData Retail, wrote in a note.

“It demonstrates issues with the (Under Armour) brand and its proposition. Especially so since other brands and retailers... have not posted such calamitous figures.”

Under Armour’s shares still carries the highest valuation of the big global sportswear companies with its stock trading at 39.1 times forward earnings. Nike in contrast trades at 22.4 times, and Adidas at 24.7 times.

The company also said net income more than halved to $54.2 million, or 12 cents per Class C share, mainly due to an $85 million charge related to a previously announced plan to cut jobs and close stores.

Excluding items, the company earned 22 cents per share, topping an already downbeat analysts’ consensus by three cents, according to Thomson Reuters I/B/E/S.

It cut its full-year adjusted earnings forecast to 18 to 20 cents per share, compared to a previous 37 to 40 cents.

© Thomson Reuters 2021 All rights reserved.