Under Armour Lowers Annual Sales Forecast Amid Weak Demand

Under Armour Inc. lowered its annual sales forecast, now expecting revenue to decline by a mid-single digit percentage rate. Chief Executive Officer Kevin Plank attributed the revision to a challenging consumer demand environment across North America, Asia-Pacific, Europe, and the Middle East.

The company is attempting a business turnaround by reducing its product offerings and limiting discounts to combat ongoing sales declines. Additional pressure on the retailer stems from the impact of tariffs and the company's recent separation from NBA player Stephen Curry.

Following the announcement, Under Armour shares experienced an initial drop of up to 9.4% in New York trading.