Under Armour just lowered its earnings and sales forecast for the rest of the year, according to its latest earnings release.
The sportswear giant’s overall revenue is down 5% and it says that this is partly due to a sales drop-off in the United States and Canada, its biggest market. “While our international business continues to deliver against our ambition of building a global brand, operational challenges and lower demand in North America resulted in third quarter revenue that was below our expectations,” Under Armour chairman and CEO Kevin Plank said in the release.
The release also cites problems implementing its enterprise resource planning system and other operational challenges. After posting its earnings release, Under Armour’s shares dropped 6%. But even before today’s results, Under Armour’s shares were down 43.51% so far this year.