Under Armour's Profits Plummet 96% in Q4 Amid Declining North America Sales
By : Benzinga
Published On: 2024-05-16
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00:38
Under Armour reported a 96% drop in profits during its fiscal fourth quarter compared to the same period last year. The company's revenue declined 5% year-over-year for the quarter, and sales in Under Armour's largest market, North America, plunged 10%. The athletic apparel retailer expects sales in North America to drop even more sharply for the full 2024 fiscal year. The company is implementing a broad restructuring plan that will include an unspecified number of job cuts. Under Armour's CEO Kevin Plank blamed "lower wholesale channel demand and inconsistent execution" for the weak results.
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