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Under Armour sales plunge due to store closures

Under Armour, Inc. (NYSE: UA, UAA) reported worse than expected first-quarter earnings results on Monday. The company sales during the quarter that ended March 31 fell to $930 million, compared to $1.2 billion in the year-ago quarter.
Under Armour sales plunge due to store closures
Under Armour, Inc. (NYSE: UA, UAA) reported worse than expected first-quarter earnings results on Monday. The company sales during the quarter that ended March 31 fell to $930 million, compared to $1.2 billion in the year-ago quarter.

  • Earnings per share (EPS) $0.34 vs. $0.22 expected 
  • Revenue $930.24 million vs. $939.22 million expected

“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,” Chief Executive Patrik Frisk said. 

Most Under Armour stores have been closed due to the coronavirus pandemic, and the company announced temporary layoffs along with salary cuts for senior management. The apparel company stocks fell more than 9% on Monday. 

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Gap stock slips 20% after earnings miss estimates

Gap stock slips 20% after earnings miss estimates

The American clothing retailer Gap Inc (NYSE: GPS) announced third-quarter financial results after the market close on Tuesday. The company last quarter earnings came below the Wall Street expectations and the revenue for the quarter fell 0.2% to $3.99 billion from $4.00 billion last year, while it beat the estimates of $3.82 billion.