Under Armour said Friday it expects margins to be pressured for the rest of the year on the back of increased promotions, even as online demand helped the sportswear maker post a smaller-than-expected loss.
Under Armour Inc forecast on Monday a 50% to 60% drop in second-quarter revenue as most of its stores remained closed because of the COVID-19 pandemic, sending the athletic apparel maker’s shares down about 11%.
As its turnaround efforts continue, the athleticwear brand has announced a Q4 loss of $15.3 million and revealed disappointing prospects for 2020, sending the company’s shares plummeting 18% in Tuesday trading.
Sportswear maker Under Armour Inc on Tuesday cut its full-year revenue forecast for North America, its biggest market, as it suffered in the face of a strong performance by bigger rivals Nike and Adidas.
Under Armour Inc raised its full-year profit forecast on Tuesday after reporting third-quarter results that topped Wall Street estimates, as the sportswear maker benefited from higher overseas sales and lower expenses.