Under Armor forecasts that earnings for the year as a whole will be lower than Wall Street estimates, as the sportswear company faces higher costs due to supply chain distortions and a blow to operations due to new restrictions in China.
The company’s share is down 3% in pre-conference trading, while since the beginning of the year it has fallen 33%.
Under Armor reported a 14% drop in revenue from the Asia-Pacific region in the quarter.
The company forecast that the adjusted earnings per share will be 63-68 cents per share for the year 2023, compared to the average estimates for 83 cents per share.
Net income rose to $ 1.30 billion in the quarter to March 31, from $ 1.26 billion in the same period last year.
Analysts expected $ 1.32 billion.
Source: Capital
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