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Under Armour forecasts Sales Drop
Under Armour expects a decline in its annual revenues of between 4% and 6% due to weak demand for sports apparel in the North American market, which is its largest market, as a result of inflation and a slowdown in consumer spending. The company faces challenges in restoring growth, as its revenues in the last quarter decreased by 9% to approximately $610 million, with plans to focus the product line on higher-priced items and attract Generation Z. Despite this, it maintained its annual profit forecasts, expecting a $70 million gain from the recovery of customs duties, while increasing its restructuring expenses to $266 million. The plan is expected to be completed by the end of the year.
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