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  4. Under Armour cuts profit forecast as costs surge
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Under Armour cuts profit forecast as costs surge

(Reuters) - Under Armour Inc (NYSE:UAA) lowered its annual profit forecast on Wednesday as its margins take a hit from surging transportation and commodity costs as well as more...
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Under Armour cuts profit forecast as costs surge © Reuters. FILE PHOTO: A signage is seen at an Under Armour store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo

(Reuters) - Under Armour Inc (NYSE:UAA) lowered its annual profit forecast on Wednesday as its margins take a hit from surging transportation and commodity costs as well as more discounts to attract customers.

COVID-19 flare-ups, worker shortages and the Russia-Ukraine war have snarled global supply chains and driven up prices of raw materials such as cotton, pinching profit margins of companies at a time when they are also seeing increasing consumer pushback to price hikes.

Under Armour (NYSE:UA) projected an adjusted profit of $0.47 to $0.53 per share for fiscal 2023, compared with its previous forecast of $0.63 to $0.68 per share.

Net revenue in the first quarter ended June 30 stayed flat at $1.35 billion, marginally ahead of analysts' estimates of $1.34 billion, according to Refinitiv IBES.

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12-08-2022 16:02:03 (UTC+7)

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 Silver20.273↑ Sell
 Copper3.6945↑ Sell
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 US Coffee C221.68Neutral
 Euro Stoxx 503,770.65↑ Sell
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 FTSE 1007,505.27Sell
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 Siemens AG111.84↑ Sell
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Cập nhật 12-08-2022 16:02:09
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Cập nhật lúc 15:55:55 12/08/2022
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