Under Armour Reports Mixed Q1 Earnings

Under Armour UAUAA has reported quarterly losses of 34 cents per share on Monday, which missed the analyst consensus estimate by 13 cents. This is a decrease over earnings of 5 cents per share from the same period last year.

The company reported quarterly sales of $930 million, which beat the analyst consensus estimate of $895.73 million by 3.83%. This is a 22.82% decrease over sales of $1.205 billion the same period last year.

"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," said Under Armour CEO Patrik Frisk. "As a result, like so many businesses, we've had to make very difficult decisions, including temporarily laying off teammates in our U.S. retail stores and distribution centers along with other actions to ensure we protect Under Armour's financial stability."

Under Armour shares were trading down 1% at $9.88 in Monday’s pre-market session. The stock has a 52-week high of $27.72 and a 52-week low of $7.38.

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