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Under Armour cuts profit outlook for the full year as promotions eat into margins

August 3, 2022

Under Armour on Wednesday cut its profit forecast for the fiscal year 2023 as more promotions on its athletic apparel ate into margins.

The company now expects earnings per share for the full year to come in between 61 cents and 67 cents, down from earlier guidance of between 79 cents and 84 cents. Gross margin is expected to be down 375 to 425 basis points, a worsened outlook from the previous range of 150 to 200 basis points. A basis point equals 0.01 percentage point. CNBC