Under Armour (UA)

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Under Armour faces U.S. federal probe over accounting practices: WSJ

Reporting by Mekhla Raina in Bengaluru; Editing by Peter Cooney and Will Dunham
NOVEMBER 4, 2019 / 6:23 AM 

(Reuters) - Under Armour Inc (UAA.N) is under investigation by U.S. federal law enforcement officials over whether the sportswear maker shifted sales from quarter to quarter to appear financially healthier, the Wall Street Journal reported on Sunday.

The Baltimore-based company confirmed that it is under investigation and is cooperating with the Justice Department and U.S. Securities and Exchange Commission. It also defended its accounting practices and disclosures.

The Journal, citing unnamed sources, said in its report here that a criminal inquiry is being conducted by Justice Department prosecutors, who are also coordinating with civil investigators at the SEC.

In an emailed statement, an Under Armour spokesperson said, “The company began responding in July 2017 to requests for documents and information relating primarily to its accounting practices and related disclosures, and the company firmly believes that its accounting practices and disclosures were appropriate.”

Last month, Under Armour said longtime Chief Executive Officer Kevin Plank was stepping down from the role next year, handing the reins of the company to operations head Patrik Frisk in an attempt to help battle brutal competition from Nike Inc (NKE.N) and Adidas AG (ADSGn.DE) in the United States.

More details in https://www.reuters.com/article/us-under...SKBN1XD0KZ

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Under Armour raises annual revenue, profit forecasts on steady demand

Reporting by Praveen Paramasivam in Bengaluru; Editing by Shinjini Ganguli
November 2, 2021 6:20 PM +07

Nov 2 (Reuters) - Under Armour Inc (UAA.N) raised its annual revenue and profit forecasts on Tuesday, as people seek comfortable casuals and athletic wear with their pandemic-hit social life still irregular and offices yet to open.

Athletic apparel makers, including Nike (NKE.N) and Adidas AG (ADSGn.DE), have booked outsized sales benefits from people turning to healthy living, working out more and preferring comfortable and casual clothes to dressier apparel.

Analysts have said the athletic wear boom could last at least through next year, even as the market is concerned that consumers will shun workout clothes for more formal clothing as they return to offices.

Under Armour forecast 2021 adjusted earnings per share to reach about 74 cents, compared with its prior range of 50 cents to 52 cents. Analysts on average expect profit per share of 55 cents, according to Refinitiv IBES.

More details in https://www.reuters.com/business/retail-...021-11-02/

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Under Armour profit view hit by supply chain issues, China lockdowns

Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli
May 6, 2022 6:18 PM GMT+7

May 6 (Reuters) - Under Armour Inc (UAA.N) on Friday forecast full-year profit below Wall Street estimates, as the sportswear maker grapples with higher costs related to supply chain disruptions and a hit to its business from renewed COVID-19 curbs in China.

Shares of Under Armour were down about 3% in premarket trading after the company reported bleak quarterly sales. They shed nearly 33% this year.

While economies around the world are reopening, a spike in COVID-19 infections in some parts of the world such as China has led governments to reinstate strict social restrictions once again, hurting store traffic for retailers.

It has impacted sales at Under Armour, which reported a 14% fall in revenue from the Asia-Pacific region in the reported quarter.

German sportswear maker Adidas (ADSGn.DE) also trimmed its 2022 targets on Friday after its quarterly sales slumped due to COVID-related curbs in Greater China. read more

Under Armour projected an adjusted profit between 63 cents and 68 cents per share for fiscal year 2023, compared with analysts' average estimate of 83 cents per share, according to Refinitiv IBES data.

More details in https://www.reuters.com/business/retail-...022-05-06/