Under Armour shares nosedive on weak forecast
Nov 2, 2017-
Shares of Under Armour dropped sharply on Tuesday after the athletic apparel and shoe maker slashed its full-year profit forecast on weak quarterly earnings caused by falling sales in North America. The ratings agency S&P Global lowered Under Armour’s credit rating by a notch with a negative outlook, citing the company’s poor performance and mounting debts. The brand, which pitches itself as a rival to Nike and Adidas, was on the upswing a couple of years ago, boosted by high-profile sponsorships of basketball star Stephen Curry, champion golfer Jordan Spieth and other prominent athletes. But Under Armour has struggled of late, and on Tuesday it reported a 57.7 percent drop in third-quarter profits to $54.2 million.
Published: 02-11-2017 08:21