(Reuters) – Under Armour Inc (UA.N) (UAA.N) forecast on Monday a 50% to 60% drop in second-quarter revenue as most of its stores remained closed because of the COVID-19 pandemic, sending the athletic apparel maker’s shares down about 11%.
FILE PHOTO: Products are displayed in an Under Armour store in New York City, U.S., November 4, 2019. REUTERS/Brendan McDermid
The Baltimore-based company also reported bigger-than-expected loss for the first quarter and revenue that missed Wall Street estimates.
About 80% of Under Armour’s business around the world remained closed since April, Chief Financial Officer David Bergman said,