Under Armor shares are down almost 30% in the pre-open, trading at their lowest in 3 years after a triple whammy disaster of an earnings announcement.
Top and Bottom Line miss:
- *UNDER ARMOUR 4Q NET REV. $1.31B, EST. $1.41B
- *UNDER ARMOUR 4Q EPS 23C, EST. 25C
As Bloomberg notes, Under Amour -- which has doubled its sales about every three years -- is now having a hard time maintaining that rapid growth.
Sales this year will increase as much as 12 percent to nearly $5.4 billion, the Baltimore-based company said in a statement Tuesday. That trailed analysts’ $6.05 billion average estimate and would be Under Armour’s smallest annual gain since it went public in 2005.
“Numerous challenges and disruptions in North American retail tempered our fourth quarter results,” UAA CEO Kevin Plank said in release.
And C-Suite shake-up:
CFO Chip Molloy will leave for personal reasons; SVP, Corporate Finance David Bergman will serve as acting CFO
The result... almost 30% collapse...
to 3-year lows...