Sales in Under Armour's largest market in North America are falling as inflation weary consumers pull back on new clothes and shoes.
Under Armour said sales in its largest market, North America, fell 10% and the retailer expects them to get worse during its current fiscal year.
The athletic apparel retailer also saw profits plunge by more than 96% during its fourth fiscal quarter, compared with the year ago period.restructuring, but the plan is expected to cost between $70 million and $90 million, a portion of which will be used for employee severance and benefits costs. The company declined to share more information with CNBC about its restructuring.
"Over the next 18 months, there is a significant opportunity to reconstitute Under Armour's brand strength through achieving more, by doing less and focusing on our core fundamentals," he added.
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