The Biggest Disappointment in Under Armour's Results
Sportswear apparel company Under Armour (NYSE: UA) (NYSE: UAA) has been struggling with the difficult retail environment in the U.S., but it seems like things have gone from bad to worse. The company reported that one of its key growth pillars, women's apparel, saw a decline in the most recent quarter. The company has fought hard to build this $1 billion business and this miss has to be the company's biggest disappointment in its earnings release.
CEO Kevin Plank opened the earnings call with analysts saying that he'd "like to take a moment to acknowledge the disappointment that we feel about our financial performance in 2017." David Bergman, chief financial officer, went on to detail what products types contributed to the disappointing 5% top-line decline.
"Apparel revenue decreased 8% to $940 million as growth in golf and sports style product was more than offset by declines in our outdoor, women's training and youth categories," he said.
Source: Fool.com
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