Under Armour posts smaller loss, to restructure operations

Under Armour under pressure as it cuts full year guidance and axes jobs

Under Armour under pressure as it cuts full year guidance and axes jobs

Under Armour Inc (NYSE:UAA) announced financial results for the second quarter ended June 30, 2017.

The company, which competes with giants such as Adidas AG (ADDYY - Free Report) and NIKE, Inc. All per share amounts are reported on a diluted basis. Chevy Chase Trust Holdings Inc. bought a new stake in Under Armour during the second quarter worth about $3,638,000.

CEO Kevin Plank says that to ensure its operations are "optimised" as it builds a "stronger, faster and smarter company", a restructuring plan now needs to be put into place to more closely align its financial resources to support its efforts to better serve changing consumer needs and the retail landscape.

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When set against weaker demand, Riva says Under Armour's enlarged cost structure - which includes more stores and a more expensive distribution network than this time a year ago - has become something of a liability. Sales rose 9 percent to $1.1 billion, also beating analysts' estimates.

The sportswear company said Tuesday that its North American sales increased a meager 0.3% in the most recent quarter - a far cry from its long history of double-digit revenue growth.

While Under Armour blamed a "dynamic and promotional retail environment" in North America for its problems, some of its rivals are doing just fine. For the quarter ending Dec-17, 29 analysts have a mean sales target of 1,509.32 million whilst for the year ending Dec-17, 32 analysts have a mean target of 5,345.45 million. Accessories revenue increased 22 percent to $123 million with strength in men's and women's training, and youth performance. Expenses increased 10% to US$503mln, due to investments in the direct-to-consumer, footwear and worldwide businesses.

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Cash and cash equivalents increased 37 percent to $166 million. The company issued revenue guidance of +9-11% to ~$5.26-5.36 billion, compared to the consensus revenue estimate of $5.35 billion. The retailer had said at the time it expected gross margins to remain under pressure. Adjusted operating income is expected to be almost $280-$300 million.

An effective tax rate of 31 to 32 percent. Excluding the impact of the restructuring plan, the company projects full-year adjusted earnings in a range of $0.37 to $0.40 per share. The sports apparel maker also said that its board of directors has approved a restructuring plan that includes job cuts.

Shares plunged as much as 4% in pre-market trading. Under Armour has a 12-month low of $18.34 and a 12-month high of $43.85. To cut down amount of noise on price chart, shares of firm has 20 days moving average price of -2.32% from last close price of 20.02 and act as support or resistance of price limit. Finally, CIBC reissued a "market perform" rating on shares of Under Armour in a report on Wednesday, April 26th. The stock now has a consensus rating of "Hold" and a consensus target price of $24.88. For the week, the stock is performing -1.23%. Seven equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company's stock. The shares were sold at an average price of $21.33, for a total value of $102,362.67.

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Plank said his brand is aware of a shift in consumer taste from performance-based footwear and apparel to fashion-forward lifestyle offerings, adding that the company is looking to meet that demand without losing its roots in performance apparel.

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