Under Armour’s quarterly revenue slumps on lockdowns hit, Retail News, ET Retail

Athletic apparel maker Underneath Armour Inc on Monday documented a 23% tumble in quarterly earnings, as vendors across the planet remained shut owing to the COVID-19 pandemic.

The business very last thirty day period quickly laid off about 600 staff at its U.S.-centered distribution facilities, prolonged retailer closures and withdrew its forecast for the year as the coronavirus crisis led to lockdowns across the place, restricting business only to on the web operations.

Numerous retail and section shops that market Underneath Armour products ended up also closed all through the final months of the quarter.

“Our success in January and February ended up monitoring nicely to our program. Considering that mid-March, as the pandemic accelerated considerably in North The us and EMEA… we’ve expert a sizeable decrease in earnings across all markets,” Chief Executive Officer Patrik Frisk claimed.

The Baltimore-centered business documented a internet decline of $589.7 million, or $one.30

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