Revenue fell 41% to $707.6 million from $1.19 billion a year ago. Analysts expected revenue of $543.8 million.

“With the majority of our own stores and wholesale locations closed for most of the second quarter due to the COVID-19 pandemic, while we performed better than expected, we still experienced a significant decline in revenue across all markets,” said Under Armour President and CEO Patrik Frisk. “In navigating this environment, our team continues to respond strategically and methodically – amplifying Under Armour’s connection with our consumers through innovative digital activations, proactively managing our cost structure and working to harness our brand strength amid shifts in consumer behavior to emerge as a stronger company.”

Frisk continued, “Now, with most of these doors reopened, we are encouraged by some of the momentum we’ve experienced in June and July. However, we remain appropriately cautious with respect to the balance of 2020 due to continued uncertainty related to consumer shopping dynamics, the potential for a highly promotional environment and proactive decisions to reduce inventory purchases to be more aligned with anticipated demand related to ongoing COVID-19 impacts.”

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