Under Armour Inc (UA.N) on Thursday cut its revenue forecast for the full year, sending its shares down 4 percent after the bell, as the athletic apparel company grapples with weak demand in North America and rising costs and logistics snarls.
Under Armour now expects full-year revenue of between $5.57 billion and $5.62 billion, down from its prior forecast of $5.63 billion to $5.68 billion.
The company expects to report a loss per share between 50 cents and 52 cents, wider than its prior forecast of a loss per share between 44 cents and 46 cents.
The dour forecast overshadowed the company’s second-quarter results reported earlier on Thursday, which beat Wall Street estimates.
Under Armour reported a net loss of $59 million, or 13 cents per share, in the second quarter ended June 30, compared with a loss of $22 million, or 5 cents per share, a year earlier.
Net revenue rose 1 percent to $1.3 billion, topping analysts’ average estimate of $1.28 billion, according to Refinitiv data.
However, revenue in North America, its largest market, fell 4 percent, contributing to a decline in overall footwear and apparel revenue.
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