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Under Armour Inc (NYSE: UAA) cut its profit forecast for fiscal 2023 after posting decline in gross margin in the first quarter.
The company now expects earnings per share for the full year to be between 61 cents and 67 cents, down from between 79 cents and 84 cents, as per its earlier forecast.
Under Armour also lowered forecast for gross margin to 375 to 425 basis points, from the previous range of 150 to 200 basis points.
In the first quarter, the company posted revenue of $1.35 billion, almost in line with expectations of $1.34 billion, according to Refinitiv.
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