Under Armour sales fell almost twenty five per cent in the first quarter, with about two-thirds of the decline attributed to the global coronavirus pandemic.
The sports-apparel manufacturer and retailer recorded a loss of nearly $600 million for the quarter after restructuring charges weighed in at $436 million. The total sales were $930 million, wholesale revenue was down twenty eight percent and direct-to-consumer revenue was down fourteen percent.
“During the first quarter, our results in January and February were tracking well to our plan. Since mid-March, as the pandemic accelerated dramatically in North America and EMEA and retail store closures ensued, we’ve experienced a significant decline in revenue across all markets. As a result, like so many businesses, we’ve had to make very difficult decisions, including temporarily laying off teammates in our US retail stores and distribution centres, along with other actions to ensure we protect Under Armour’s financial stability.” – Patrik Frisk, Under Armour President & CEO
