Under Armour shares tank as retailer faces forecasting sales drop in 2020

Under Armour is calling for sales to drop in 2020, as it struggles to rally shoppers behind its sweat-wicking shirts and training sneakers, faced with heightened competition from Nike and Lululemon.

The company also said Tuesday it could take a hit during the first quarter of fiscal 2020 of as much as $60 million in lost sales from the deadly coronavirus.

Its shares were recently tumbling more than 17%, after Under Armour’s fourth-quarter sales came up short of analysts’ estimates.

Here’s how Under Armour did for the quarter ended Dec. 31, compared with what analysts were expecting, based on a poll by Refinitiv:…

Continue Reading: cnbc.com

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