Under Armour Cuts Profit Outlook For 2023
Aug 3, 2022 By MarketDepth
Under Armour (UA:NYQ) announced Wednesday they matched first-quarter Wall Street expectations but cut profit forecasts for 2023. They said that promotions in its athletic apparel sector would be eating into its profits.
Under Armour shares are up 2.5% intraday on the news.
The company said that revenue was driven by higher prices. In North America, revenue was flat YoY, but international revenue declined 3.3%.
Chief Financial Officer David Bergman said on a call that they’re “not excited about being more promotional.” He did say that the discounts were designed to fight inflationary pricing.
The company is still on the hunt to find a new CEO after he previously announced that he is stepping down. Currently, the company’s COO Colin Browne has stepped into to fill the gap in the interim.