Key facts
- Under Armour forecasts a mid-single-digit percentage decline in full-year revenue.
- This represents a steeper decline than the company's previous guidance of a "slight decline".
- The company cited weak consumer spending and macroeconomic uncertainty in North America as reasons for the revised forecast.
- Under Armour is reducing its product assortment by about 25% and focusing on higher-priced offerings.
Under Armour forecast a steeper annual decline in revenue on Friday, as the athletic apparel maker struggles with weak consumer spending amid macroeconomic uncertainty in its key North American market. The company expects full-year revenue to decline by mid-single-digit percentage, compared with its prior target of a "slight decline". As part of its turnaround plan, the company is reducing its product assortment by about 25% and focusing on higher-priced offerings.