Under Armour, the American athletic apparel retailer, clocked a revenue of US $ 1.2 billion in the quarter ending 30 June.
Now that’s just a meagre 1 per cent growth from what it was at the end of Q2 last year.
If the wholesale revenue of the US retailer dipped by 1 per cent to register US $ 707 million, the direct-to-consumer income saw a slight rise of 2 per cent to touch US $ 423 million during the same period.
The mixed results also saw the retail giant’s shares fall by 15 per cent yesterday (30 July).
Finding difficult to keep pace with its competitors like Nike and Adidas, Under Armour is now expecting its sales in North America to go down in the remaining months of 2019.
Q2 has already seen the revenue for North America plunge by 3 per cent to touch US $ 816 million.
Product wise, the revenue for apparels was down by 1 per cent (US $ 740 million), while the footwear revenue went down by 5 per cent (US $ 284 million). The revenue for accessories remained unchanged at US $ 106 million, said the retailer in a press release.
Talking about company’s commitment to devise long-term strategies, Kevin Plank, Chairman and CEO, Under Armour said, “By staying sharply focused on our long-term strategies – driving our premium athletic brand positioning through industry leading innovation, geographic expansion and creating deep connections with our consumers – we are on track to deliver against our expectations in 2019.”
