Under Armour Cuts Forecast and Warns of Sales Drop
Under Armour flags broad weakness and lowers its annual gross margin outlook. The apparel maker expects third-quarter revenue to fall sharply amid heavy discounting.
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Under Armour expects third-quarter revenue to fall 8% to 9% on weak consumer demand and aggressive competitor discounting. The guidance missed analyst forecasts of a 4% decline as promotional pressures weigh on margins. The athletic apparel maker's shares dropped 12% in premarket trading on Thursday following the announcement.
