Under Armour (UAA) reports Q1 2020 earnings: Sales plummet 23%


Under Armour on Monday reported a sales decline of 23% during its first quarter as its business took a blow from the coronavirus pandemic and its stores were forced shut, freezing its turnaround plans. 

The athletic apparel company said it plans to cut about $325 million in operating costs in 2020 to help it weather the crisis, including by temporarily laying off some retail employees. 

During a conference call with analysts, it said it expects revenue could be down as much as 50% to 60% during the second quarter, as demand for its merchandise remains constrained. The company said it predicts the second quarter to be the most challenging to work through, and the rest of the year will…

Source cnbc.com

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