• 6 months ago
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.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Under Armour reported a 96% drop in profits during its fiscal fourth quarter compared to
00:07 the same period last year. The company's revenue declined 5% year over year for the quarter and
00:12 sales in Under Armour's largest market, North America, plunged by 10%. The athletic apparel
00:17 retailer expects sales in North America to drop even more sharply for the full 2024 fiscal year.
00:22 The company is implementing a broad restructuring plan that will include an unspecified number of
00:27 job cuts. Under Armour CEO Kevin Plank blamed lower wholesale channel demand and inconsistent
00:32 execution for the weak results. For all things money visit Benzinga.com

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