Under Armor on Thursday forecast a surprise drop in annual sales and projected profits below analyst estimates, as the sportswear maker laid out a plan to simplify its business and cut jobs in the face of weak U.S. demand.
“The magnitude of the correction needed points to a previous strategy that had not worked. The brand transformation is also expected to take 18 months, longer than expected,” said Cristina Fernández, analyst at Telsey Advisory Group.
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