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Oct 31, 2017

'Eye off the ball': ​Under Armour shares tumble after company slashes forecast

Under Armour

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Under Armour Inc slashed 2017 sales and profit forecasts and reported its first year-on-year fall in revenue in the third quarter as it took an US$85 million charge for restructuring and faced fierce competition from Nike and Adidas.

Excluding certain items, earnings for the producer of Stephen Curry basketball shoes came in at 22 cents per share, beating analysts' average estimate of 19 cents.

One analyst accused Under Armour of relying too heavily on brand recognition.

“I think Under Armour did kind of take their eye off the ball,” Susan Anderson, senior vice-president and senior research analyst at FBR Capital Markets told BNN on Tuesday. “Similar to Nike, but maybe Under Armour even more so [it] started to lack innovation and really just relied on the brand and the brand name to sell product and that really came to an end.”

“It’s partly their fault, but also the industry growth isn’t what it used to be.”

But shares in the company, which have already halved this year, fell again in Tuesday trading. 

Under Armour said it expects a percentage rise for its full-year revenue in the low single-digits, compared to a previous forecast of growth of 9-11 per cent.

The company also said it expected its 2017 adjusted earnings to be from 18 cents to 20 cents per share, compared to previous expectations of 37 cents to 40 cents.

It reported a 4 per cent dip in revenue to $1.41 billion, its first decline in revenue since it floated in 2005. Analysts on average had expected $1.48 billion, according to Thomson Reuters I/B/E/S.

The company reported a net profit of $54.2 million, or 12 cents per Class C share, in the third quarter ended Sept. 30, compared with $128.2 million, or 29 cents, a year earlier.

That reflected the $85 million charge taken for restructuring plans announced in August.