Under Armour is laying off workers as retailer says North America sales will plunge this year
Publishing timestamp: 2024-05-16 11:31:19
Summary
Under Armour reported a 10% drop in sales in North America and expects them to worsen in the current fiscal year. The company also announced a restructuring plan that includes job cuts. Founder and CEO Kevin Plank blamed the rough quarter on lower demand and inconsistent execution. The company's profits sank by over 96% in the fiscal fourth quarter. Plank plans to refocus on the core men's apparel business and streamline operations to improve performance.
Sentiment: NEGATIVE
Keywords: breaking news: earnings, dividends, business, business news, under armour inc, earnings, breaking news: business, retail industry,
Source: https://www.cnbc.com/2024/05/16/under-armour-uaa-earnings-q4-2024.html