Under Armour struggling from investigations, coronavirus, weak demand - Business Insider

In November, Under Armour announced that its accounting practices were being investigated by the US Securities and Exchange Commission and the US Department of Justice. The company's longtime leader and founder Kevin Plank announced he would be stepping down from his position as CEO in October.

The impact of the coronarvirus is perhaps the cherry on top of the sportswear company's issues. Negative impact from the virus, which has alreadypeople around the world, has caused the company to lower its initial outlook for 2020. Under Armour estimated in its earning release that the fallout from the outbreak will cost the company $50 million to $60 million in sales for the first quarter of the year.

The company is also considering delaying plans for a flagship store in New York City as it assesses a restructuring plan to balance costs and account for losses.

Strictly as a consumer, UnderArmour products are very high quality. The basketball shoes are super comfortable too. I'm a fan 👍

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Under Armour stock plummets 14% after earnings miss and weak guidanceUnder Armour Inc. stock plummeted 14.8% in Tuesday premarket trading after the athletic apparel company reported fourth-quarter earnings and revenue that... After China smartphone supply chain taking an obvious hit, the virus impact also starts to spread to impact non-tech production and supply chains. UnderArmour down 16% on slowdown, who is next?
Источник: MarketWatch - 🏆 3. / 97 Прочитайте больше »

Lyft and Under Armour earnings, New Hampshire primary, Powell testimony: 3 things to watch for on TuesdayWe'll get earnings from Lyft and Under Armour, the New Hampshire primary and Federal Reserve chair Jerome Powell will testify to Congress on Tuesday.
Источник: CNBC - 🏆 12. / 72 Прочитайте больше »