May
31
Under Armour Cuts Outlook as Sports Authority Demise Hurts Sales
ByUnder Armour Inc. cut its annual forecast after one of its largest customers, Sports Authority Inc., moved toward a disruptive liquidation of its stores.
The Baltimore-based sports brand now expects revenue of $4.93 billion this year, down from an earlier forecast of about $5 billion, according to a statement on Tuesday. Operating income will amount to about $440 million to $445 million, compared with an earlier projection for as much as $507 million. The company will also take a $23 million writedown this quarter to reflect Sports Authority’s demise…
Under Armour Cuts Outlook as Sports Authority Demise Hurts Sales
