Earlier today, Under Armour, the American manufacturer of footwear, sports, and casual apparel, released the financial report for the first quarter of 2020.
The company has been walloped by the pandemic, reporting a decline in sales of 23% for the first quarter. It ended it with a revenue of $930.2 million, while the EPS lost 34 cents. It underperformed even the most conservative analyst expectations. The consensus was a 19-cent loss per share with a revenue of $973.2 million. Compared to the same time last year, it reported a 5 cents EPS and a profit of $22.5 million.
The revenue dropped from $1.20 billion to $930.2 million, as the pandemic forced Under Armour to shut down stores world-wide.
The stock price was down by 1% in premarket trading. This year alone, the stock price fell by almost 54%.
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Sources: thestreet.com, cnbc.com