Under Armour's turnaround takes hit after weak sales outlook
The Baltimore, Maryland-based brand said revenue this quarter is expected to fall between 6% and 7%. Analysts on average projected a drop of almost 3%.
Tariffs and a more cautious consumer have complicated turnarounds for companies as they have had to cut costs and seen customers pull back on spending. Now Under Armour, which began its restructuring last year, is trying to keep its positive momentum going amid economic challenges.
Shares of the athletic-wear brand company sank as much as 15% in premarket trading. So far this year, shares of Under Armour have declined almost 20% as of the close on Thursday.
'We're focused on strengthening our brand positioning with premium products and increasing our average selling prices,' Kevin Plank, Under Armour's CEO said in the statement.
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