Under Armour sees $23M writedown with Sports Authority liquidation
The Sports Authority's bankruptcy and liquidation will cost retailer Under Armour Inc. at least $23 million in a writedown in the second quarter, Under Armour said late Tuesday. As a result of the writedown as well as loss of further sales to The Sports Authority, Under Armour expects net sales of $4.93 billion this year, from previous expectations of sales of $5 billion. Second-quarter operating income is expected to range from $17 million to $19 million, down from $35 million in the first quarter. Shares of Under Armour fell 2.1% after hours following losses of 0.5% during the regular trading session.
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