Under Armour had more bad earnings news for the third quarter of 2017, as the company reported sales were down in a quarter for the first time since 2005. The 4.5-percent dip is the latest in a string of results this year that forced the company to lay off workers over the summer, and overall left CEO Kevin Plank and the company “incredibly disappointed,” Plank said on a conference call Tuesday. Bloomberg reported the struggles shaved $2.5 billion off Plank’s net worth (though he remains a billionaire).
According to the Washington Post, analysts have pointed to the company’s struggles on the retail side in the North American market, as well as shifting tastes and the bankruptcy of companies like the Sports Authority that were key distributors of the company’s products.
On the call, the company’s leaders also pointed to a software factor in the struggles. As first noted by ZDNet, UA implemented a new Enterprise Relationship Management system from SAP on July 1. It’s designed to unify “point of sale, warehouse management, inventory control, merchandising and product allocation systems in both North America and Europe,” said UA President and COO Patrik Frisk.
Latest posts by Stephen Babcock (see all)
- Weekend Events Calendar: Maryland State Fair, Maryland Renaissance Festival, Vegan SoulFest, Dog Days of Summer - August 23, 2018
- Weekend Events Calendar: Artscape, after-hours events for Artscape, Ratscape and more - July 19, 2018
- Fourth of July Events Calendar: Fireworks, parties, parades and more - July 2, 2018