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Under Armour sales plummet 23% as coronavirus stalls turnaround plans

May 11, 2020


Under Armour on Monday reported a sales decline of 23% during its first quarter as its business took a blow from the coronavirus pandemic and its stores were forced shut, freezing its turnaround plans.

The athletic apparel company said it plans to cut about $325 million in operating costs in 2020 to help it weather the crisis, including by temporarily laying off some retail employees.

Its shares were down about 5% in premarket trading following the release.

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