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

Davida Erdahl

Athletic attire maker Under Armour Inc on Monday documented a 23% tumble in quarterly profits, as merchants across the globe remained shut because of to the COVID-19 pandemic.

The enterprise previous month briefly laid off about 600 staff members at its U.S.-dependent distribution facilities, prolonged retailer closures and withdrew its forecast for the 12 months as the coronavirus crisis led to lockdowns across the state, limiting business only to online operations.

Quite a few retail and department shops that offer Under Armour merchandise were being also shut through the last weeks of the quarter.

“Our final results in January and February were being tracking effectively to our plan. Given that mid-March, as the pandemic accelerated drastically in North The united states and EMEA… we have professional a major decrease in profits across all marketplaces,” Chief Executive Officer Patrik Frisk said.

The Baltimore-dependent enterprise documented a web loss of $589.seven million,

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