The organization final thirty day period temporarily laid off about 600 staff members at its U.S.-primarily based distribution centers, extended retail store closures and withdrew its forecast for the yr as the coronavirus disaster led to lockdowns across the region, limiting business only to on the internet operations.
A number of retail and department shops that provide Beneath Armour products were being also closed for the duration of the remaining months of the quarter.
“Our results in January and February were being tracking properly to our prepare. Because mid-March, as the pandemic accelerated dramatically in North The usa and EMEA… we’ve knowledgeable a considerable drop in income across all marketplaces,” Main Govt Officer Patrik Frisk explained.
The Baltimore-primarily based organization described a web reduction of $589.7 million, or $one.30 per share, in the very first quarter finished March 31, compared with a income of $22.five million, or five cents per share, a yr previously.
Web income fell to $930.two million from $one.20 billion, down below the $949 million determine forecast by analysts in accordance to IBES information from Refinitiv.
The organization explained it observed “additional favorable trends” in its North The usa and Europe, Middle East and Africa online business, which can make up for a tiny proportion of total income, considering the fact that the beginning of the recent quarter.
In North The usa, its greatest section which created up for about sixty five% of complete profits in the quarter, income slumped 28% to $609 million, even though worldwide profits fell twelve% to $287 million.