Aug 8, 2024 - Business
Charted: Profit armour
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Under Armour's revenue slide continued in its most recent quarter, but the company's turnaround effort is showing positive signs.
Why it matters: The apparel giant has been struggling to stop the bleeding after what analysts say was a series of merchandising and strategic mistakes.
Between the lines: The company's stock soared over 18% today despite its 10% decline in sales compared with a year earlier.
- Why? It upped its per-share earnings forecast as its cost-cutting effort takes hold.
What's next: Under Armour plans to reduce discounts as it aims to become more of a premium brand.
