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Under Armour forecasts fall in sales, unveils restructuring [Video]

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Brand Strategy

Under Armour on Thursday forecast a surprise fall in sales for the year and laid out plans to overhaul its business, as the sportswear maker looks to revive demand for its brand in the United States.

Shares of the company reversed course from premarket losses to rise about two per cent, after CEO Kevin Plank said he plans to pare back heightened promotions and control inventory, as well cut jobs to streamline operations.

“Too many areas of our product strategy have been designated as priorities. This has caused operational inefficiency and a strain on resources, which has diluted our ability to have a consumer-centric point of view,” Plank, who returned as CEO in April after leaving the role in 2019, said on a post-earnings call.

Peers Nike and Lululemon Athletica also provided disappointing forecasts …

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