UAA - Why Under Armour Stock Plunged This Week
2023-05-12 14:14:25 ET
Week to date, shares of Under Armour (NYSE: UA) (NYSE: UAA) were down 11.5% through Thursday's close, according to data provided by S&P Global Market Intelligence . The sportswear brand delivered earnings results this week that beat Wall Street's expectations on revenue and earnings.
The stock has been in a downward spiral in recent years, and the company's outlook for the year ahead didn't persuade investors that a turnaround is in store. Year to date, shares have fallen 24%. That extends the stock's five-year slide to 59%.
In the fiscal fourth quarter, revenue rose 10% on a constant currency basis amid a challenging backdrop for retail sales. This represented an acceleration over the full year's 6% increase. But that growth spurt won't carry over to the new fiscal year.
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Why Under Armour Stock Plunged This Week