Under Armour cuts revenue forecast on North America concerns
Bloomberg
Under Armour
The athletic-goods maker sees revenue falling 2% to 4%, down from the previous view of flat to up slightly, but maintained its profit guidance of 47 cents to 51 cents a share thanks to the strength of its second-quarter earnings.
Revenue in North America fell 2% to $991 million for the quarter ended Sept. 30, even as international sales rose. Profit of 24 cents a share beat analysts’ consensus estimate of 21 cents.
Under Armour is revamping under Chief Executive Officer Stephanie Linnartz, who has indicated that 2023 is a “building year” for the brand as it resets inventory levels and realigns around new strategic priorities like womenswear and footwear.
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Under Armour shares were up 0.6% in premarket trading at 7:40 a.m. in New York. The stock is down 29% this year through Tuesday, compared with a 0.7% rise for the S&P MidCap 400 Index.
