More bad news for the struggling athletic gear maker.
Shares of athletic apparel company Under Armour plummeted 16% on Tuesday morning after the company reported disappointing revenue that missed analysts’ expectations and warned that the coronavirus would lower sales by $50 million to $60 million next quarter.
Under Armour, which has been struggling to grow sales in recent years, reported revenue of $1.44 billion in the holiday quarter—coming short of the $1.47 billion expected by analysts—as well as a net loss of $15.3 million, compared to a net income of $4.2 million a year ago.that it expects the coronavirus outbreak in China to impact sales by around $50 million to $60 million during the fiscal first quarter of 2020.
“This outlook does not contemplate additional financial or operational impacts past the first quarter of 2020,” the company said about the coronavirus in its. “Given the significant level of uncertainty with this dynamic and evolving situation, full year results could be further materially impacted.” to fall by a low single-digit percentage, including a high single-digit drop in sales for North America.
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