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BALTIMORE – Under Armour has lost its momentum. It posted lower revenue and cut its outlook again Tuesday, which sent its shares down nearly 24 percent.
The sports apparel company had previously grown phenomenally, and was mentioned in the same breath with industry titans like Nike and Adidas. But it has since floundered, its shares falling more than 85 percent since September 2015. The company had said earlier this year that it would cut almost 2 percent of its workforce.
“I think we probably were a little braggish” about previous successes, CEO Kevin Plank said in a conference call Tuesday.
While the entire athletic wear sector has struggled due to a crowded marketplace and changing consumer habits, Under Armour’s slide has been markedly worse.
Revenue in North America, the company’s most important market, fell more than 12 percent in the third quarter. The Baltimore-based company lowered its annual per-share earnings…
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