“I’m kind of blown away at how bad it is,” MadMoneyOnCNBC's JimCramer said this morning about Under Armour’s quarterly sales miss. “There’s a great company there, but it’s sure not coming out.”
and Adidas in the U.S., which have created more fashionable workout gear to reach younger consumers, while Under Armour has stuck to performance., which analysts say has hurt Under Armour's business because those retailers have suffered, and many of them push promotions consistently. Many of Under Armour's rivals, such as Nike and Lululemon, have been investing in selling as much as possible directly to customers, bypassing middlemen.
The company is embarking on a restructuring plan, which among other things could entail not opening its New York City flagship location. It said it could take pretax charges of $325 million to $425 million this fiscal year tied to these efforts, including about $225 million to $250 million related to not opening the store.
Under Armour reported a net loss of $15.3 million, or 3 cents per share, compared with net income of $4.2 million, or a penny a share, a year earlier. Excluding one-time items, Under Armour earned 10 cents a share during the fourth quarter, in line with analysts estimates, based on Refinitiv data.
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