Under Armour: quarterly loss bigger than expected
(CercleFinance.com) - US athletic apparel maker Under Armour posted a bigger-than-expected loss for its first quarter on Monday, which has sent its shares down by as much as 9% in early trading.
The first-quarter net loss reached 590 million dollars, or 1.30 dollar a share, from a profit of 22 million dollars, or 5 cents a share, in the year earlier quarter.
The adjusted diluted loss per share was 34 cents, 10 cents more than what analysts had expected.
Revenue was down 23% to 930 million dollars, with approximately 15% of this decline related to the coronavirus pandemic, the group said, while analysts had expected a fall of just 20%.
After withdrawing its 2020 outlook in April, the Baltimore, Maryland-based company said that the impact of the pandemic cannot still be reasonably estimated at this stage, citing the high level of "uncertainty".
Under Armour shares fell by up to 9% in early morning trading on the New York Stock Exchange.
Copyright (c) 2020 CercleFinance.com. All rights reserved.