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Published
Jun 1, 2016
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Under Armour lowers 2016 outlook due to Sports Authority bankruptcy

Published
Jun 1, 2016

Following the bankruptcy proceedings of Sports Authority, a major distributor of Under Armour products, Under Armour has revised its FY 2016 and Q2 FY 2016 outlook to account for anticipated reduced revenue.
 

Under Armour


Specifically, Under Armour expects to recognize a $23 million impairment charge during the second quarter from the Sports Authority bankruptcy, and just $43 million in revenue from Sports Authority for FY 2016, down from an anticipated $163 million.

For the second quarter of 2016, Under Armour nevertheless anticipates revenue growth in the high 20s percent range, consistent with previously issued guidance. The liquidation of Sports Authority has lowered the company’s expected operating income from $19 million to $17 million.

Kevin Plank, Chairman and CEO of Under Armour, stated, "While Sports Authority's bankruptcy impacts our 2016 outlook, our brand's momentum is stronger than ever as we continue to see growth and increased demand across all categories and geographies.  This one-time event will not impact our focus on making the best decisions for Under Armour through investments that protect and drive our growth."
 
Established in 1995 by Kevin Plank, Under Armour is a leading producer of performance footwear, apparel and equipment. The company is headquartered in Baltimore, Maryland and is offered at multiple retailers globally.
 
 

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