Under Armour shares sink

Credit: Reuters Studio
Published on July 30, 2019 - Duration: 00:52s

Under Armour shares sink

Under Armour shares sank Tuesday morning after the sportwear maker cut its full-year revenue forecast for North America.

As Fred Katayama reports, its quarterly sales in that region also dropped much more than expected.


Under Armour shares sink

Under Armour shares shed nearly a fifth of their value in early Tuesday trading.

The sportswear maker known for the Steph Curry sneakers cut its full-year revenue forecast for North America, its largest market -- predicting a decline rather than the flat revenue it had earlier forecast.

What's more, its quarterly sales in the region fell 3%.

That's far steeper than the drop Wall Street had estimated.

Compare that to rival Nike, whose North American revenue increased 7%.

As it falls behind rivals on its home turf, Under Armour has sought to expand in international markets.

Opening more stores and boosting its online offerings overseas helped the company post growth in Europe and Asia -- giving the company an overall rise in revenue.

Shares of Under Armour regained some ground in midday trading Tuesday -- and even with today's slide, the company's shares are still up more than 30% this year.

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