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Industry News

Under Armour Posts $60M Net Loss in Q4 As Stock Price Drops

Source:CHINA SPORTING GOODS FEDERATIONRelease time:2022-05-08Clicks:
Article From:Front Office Sports

Under Armour suffered a net loss in the fourth quarter of the 2022 fiscal year and posted a 2023 financial outlook that appeared less than impressive for investors. 
After the numbers were released on Friday, its stock price dropped about 25%.
The company posted a net loss of about $60 million and an adjusted net loss of $3 million.
But total revenue did increase 3% compared with the same period in 2021, totaling $1.3 billion.
Apparel revenue rose 8%, for a total of $877 million — though footwear sales dropped 4% for a total of $297 million.
Under Armour expects revenue to increase 5% to 7% in fiscal 2023. The company projects to reach $375 million to $400 million in operating income, compared to a baseline figure of $424 million.
The sports apparel giant attributed the underwhelming numbers to factors such as the pandemic, supply chain issues, and inflation.

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