Shares in Under Armour tumbled nearly 9 per cent in pre-market trading on Tuesday after the sportswear maker reported its second straight quarter of losses and launched a major restructuring plan that would slice its 2017 operating profit by half.
The Maryland-based company also lowered its full year sales expectations amid tough trading conditions in its important North American market.
Under Armour, which rose to prominence on the back of its sneakers partnership with NBA superstar Stephen Curry, has struggled over the past year as the so-called athleisure trend in which sportswear is worn outside of the gym fades.
This shift in consumer shopping habit comes even as Under Armour has to contend with an ever growing number of new …
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