Under Armour on Thursday forecast a surprise fall in sales for the year and laid out plans to overhaul its business, as the sportswear maker looks to revive demand for its brand in the United States.
Shares of the company reversed course from premarket losses to rise about two per cent, after CEO Kevin Plank said he plans to pare back heightened promotions and control inventory, as well cut jobs to streamline operations.
"Too many areas of our product strategy have been designated as priorities. This has caused operational inefficiency and a strain on resources, which has diluted our ability to have a consumer-centric point of view," Plank, who returned as CEO in April after leaving the role in 2019, said on a post-earnings call.
Peers Nike and Lululemon Athletica also provided disappointing forecasts as weak discretionary spending casts a shadow on demand for sportswear in the U.S.
Under Armour said it would add more premium price points in its direct-to-consumer channel, as it looks to revive brand appeal and counter a hit from the wholesale business that is grappling with weak demand from retailers.
It would also aim to reduce its style count by roughly 25 per cent over the next 18 months.
"The changes being made are the most aggressive we have seen to overhaul Under Armour, showing management is willing to forego the short-term for the long-term health of the brand," said Telsey Advisory Group analyst Cristina Fernandez.
As part of the restructuring plan, Under Armour expects to incur total pre-tax charges of up to US$90 million, including employee severance costs.
The company expects fiscal 2025 revenue to be down at a low double-digit percentage rate, versus LSEG estimates of a 2.1 per cent rise. It sees annual adjusted earnings to be between 18 cents US and 21 cents US per share, below estimates of 59 cents US.
Under Armour's fourth-quarter adjusted earnings per share of 11 cents US beat estimates of eight cents US. Its revenue of US$1.33 billion also edged past expectations.
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Gisele Pelicot, the 72-year-old victim of mass rape whose ordeal has shocked the world, told a trial in southern France on Wednesday that she was determined that making her case public should help other women and change society.
Police have confirmed the body of an employee who died at a Walmart in Halifax over the weekend was found in a walk-in oven.
A father and his two children who suffered severe burns in a Springfield, Ont. house fire have undergone surgery.
The Bank of Canada is set to make its latest interest rate decision this morning.
The U.S. government fined American Airlines $50 million for failing to provide wheelchair assistance to passengers with disabilities and damaging thousands of wheelchairs over a five-year period.
An Indigenous senator has intensified her criticism of King Charles III, again accusing the monarch of complicity in the 'genocide' against Australia's First Nations peoples and declaring on Wednesday she will not be 'shut down.'
Ellen Francis says she and her family were having a great time at one of Cuba's famously stunning beaches and exploring the popular tourist town of Varadero when the situation turned into something like a scary movie.
British Columbia's highest court has weighed in on a dispute over an inflatable hot tub a couple set up on their condo's patio 鈥 potentially bringing a close to the years-long conflict.
A father and his two children who suffered severe burns in a Springfield, Ont. house fire have undergone surgery.
Canada is getting served a smorgasbord of weather this week. The West saw its first sign of winter, while the eastern half of Canada experienced summer-like temperatures on Tuesday.
Mounties in British Columbia say a second person has been found dead after two vehicles ended up in a river on Vancouver Island when a road washed out amid torrential rains over the weekend.
None of the more than 1,600 Canadians currently registered in Cuba have requested consular assistance in returning to Canada, Global Affairs Canada confirmed to CTVNews.ca.
About 3,000 North Korean troops have been sent to Russia and they are now receiving training on drones and other equipment before being deployed to battlefields in Ukraine, South Korea's spy chief told lawmakers Monday.
Israeli jets struck multiple buildings in Lebanon's southern coastal city of Tyre on Wednesday, sending large clouds of black smoke into the air.
Gisele Pelicot, the 72-year-old victim of mass rape whose ordeal has shocked the world, told a trial in southern France on Wednesday that she was determined that making her case public should help other women and change society.
John Kelly, the retired Marine general who was Donald Trump's White House chief of staff, told The New York Times that the former president fits 'into the general definition of fascist鈥 and 'certainly prefers the dictator approach to government.'
An Indigenous senator has intensified her criticism of King Charles III, again accusing the monarch of complicity in the 'genocide' against Australia's First Nations peoples and declaring on Wednesday she will not be 'shut down.'
Pakistan's police arrested three men on suspicion of killing two transgender women with daggers at their home in the country's conservative northwest, police said on Wednesday.
Prime Minister Justin Trudeau says he doesn't think his leadership is in danger, one day before a highly anticipated Liberal caucus meeting where his future at the helm of the Liberal party is expected to be up for discussion.
A debate has ground work in the House of Commons to a halt for weeks, but a new poll suggests that most Canadians are not even aware it's happening.
With the looming United States election, the future of who will be at the helm of the bilateral relationship remains unclear, but Canada cannot escape the geopolitical pull of its closest neighbour.
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Consumers in Canada are being told to check their freezers after hundreds of frozen waffle products were recalled for fears of a possible Listeria contamination. The voluntary recall was just the latest in a string of listeria-related recalls in North America.
A massive space rock, estimated to be the size of four Mount Everests, slammed into Earth more than 3 billion years ago 鈥 and the impact could have been unexpectedly beneficial for the earliest forms of life on our planet, according to new research.
The estimated population of North Atlantic right whales increased in 2023, but a group of international marine scientists say human behaviour still poses a significant threat to the critically endangered species.
In the fight against cyber attackers, they reason AI can help just as much as it harms.
An initial toxicology report for ex-One Direction singer Liam Payne, who died last week after falling from a third-floor hotel balcony in Buenos Aires, showed that he had cocaine in his system after his death, an Argentine official said.
The tiny Mideast nation of Kuwait has banned the release of the video game 'Call of Duty: Black Ops 6,' which features the late Iraqi dictator Saddam Hussein and is set in part in the 1990s Gulf War.
It was lights, cameras, and action at a beachfront Manitoba community last week as a Hollywood movie shoot took over the town once again.
The Bank of Canada is set to make its latest interest rate decision this morning.
The U.S. government fined American Airlines $50 million for failing to provide wheelchair assistance to passengers with disabilities and damaging thousands of wheelchairs over a five-year period.
Quebec television executive Marie-Philippe Bouchard's appointment as the next president and CEO of CBC/Radio-Canada comes with big challenges at the beleaguered public broadcaster, say observers who emphasized the need for renewed trust and a revamped funding model.
A Manitoba company competed against the cream of the crop at the world's largest dairy expo and came out the big cheese.
A manufacturer in Saskatchewan is looking to set a new record by building the world's longest trampoline.
Summer might be the most popular season for tourism to Europe, but it hardly promises a calm, cool and collected experience.
Former Manchester United and Atl茅tico Madrid striker Diego Forl谩n is set to make his professional tennis debut in November, when he will compete in an ATP doubles event in his native Uruguay.
Tua Tagovailoa does not want to be the face of traumatic brain injuries in the NFL, but he knows that's the reality confronting him after his latest concussion.
A parliamentary committee will not question the coaches of the national women's soccer team about the Paris Olympics cheating scandal, after Liberal and Bloc Qu茅b茅cois MPs voted against launching a study today.
An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand, according to Chinese authorities and German media reports.
The U.S. government's road safety agency is investigating Tesla's 'Full Self-Driving' system after getting reports of crashes in low-visibility conditions, including one that killed a pedestrian.
Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.
A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
Looking for a scare with good intentions this Halloween season? The ghosts and ghouls of Eganville, Ont. invite families to tour the Haunted Walk at Lekbor Manor.
The image of a sleepy Saskatchewan small town with 'not a lot going on' is a well-known anecdote. However, one Saskatchewan company is hoping to change that 鈥 and allow communities both on and off the beaten path to share their stories and advertise what they have to offer.
A Moncton, N.B., home has been donated to the Friends of The Moncton Hospital Foundation and will be transformed into a resource hub for people living with cancer.
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Two Vancouver city councillors are questioning why they鈥檝e been ousted from city appointed roles.
The rain has only just stopped pummelling parts of Metro Vancouver, but for the hundreds of residents left with flood-damaged homes, the nightmare is far from over.
Cole Mcleod was home with his roommate in their 21st floor apartment on Monday afternoon when the fire alarm went off in the downtown Vancouver building. Then, he smelled smoke.
The Ontario Nurses' Association (ONA) and opposition leaders at Queen's Park are calling on the government to reduce, or eliminate, parking fees at hospitals for staff, patients and visitors.
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Taylor Swift fans from far and wide will head to Toronto next month to see the superstar perform a series of six sold out shows at the Rogers Centre.
Alberta Premier Danielle Smith says she's waiting for NDP Leader Naheed Nenshi to declare where he intends to run for office before she calls a byelection in Lethbridge.
The Bank of Canada is set to make its latest interest rate decision this morning.
Bricks along the pathway at Calgary鈥檚 Olympic Plaza have been removed and it wasn鈥檛 by the city. It appears people are coming to grab bricks with their names, family members鈥 name or a saying ahead of the plaza closing.
An Orl茅ans property that once belonged to a religious order is now in the City of Ottawa's hands.
You will be able to pick up beer, cider, wine and ready-to-drink alcoholic beverages at Costco, Walmart and more grocery stores in Ottawa next week.
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Quebec Premier Francois Legault promised on Tuesday to toughen secularism measures in schools, saying he was 'shocked' by revelations about a Montreal public school where a group of teachers had tried to introduce what the premier described as 'Islamist' beliefs.
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Police are looking for a man and a woman who robbed an Edmonton jewelry store earlier this month.
Edmonton Public Schools (EPS) custodians have voted 97 per cent in favour of going on strike.
A new commentary suggests the Government of Alberta purposely pushed false narratives around public safety to scale down safe supply in the province.
Police have confirmed the body of an employee who died at a Walmart in Halifax over the weekend was found in a walk-in oven.
The president of a popular New Brunswick potato chip company has been arrested for domestic violence in Bangor, Maine.
A special weather statement is in effect Wednesday as Environment Canada warns of possible heavy rain and strong winds in parts of Nova Scotia later this week.
Folks making the trek to and from Thompson along Highway 6 are once again without a bathroom break鈥 at least for now.
The Manitoba government is restoring the 1:1 apprentice-to-journeyperson ratio.
A number of Manitoba communities kicked off the week by breaking decades-old heat records.
Saskatchewan's Conflict of Interest Commissioner (COIC) has found that former Saskatchewan Party MLA Gary Grewal violated legislative rules by profiting from hotels while they were party to government contracts.
A determined group within Moose Jaw has stepped up to provide assistance to those in need 鈥 following the closure of one of the city's shelters.
Saturday's matchup between the Saskatchewan Roughriders and Calgary Stampeders could determine if they clinch the West Division title, however the results from Winnipeg's game earlier in the day could make their matchup meaningless.
Waterloo Regional Police are investigating a sudden death in Kitchener.
No one was hurt after playground equipment went up in flames at a Kitchener, Ont. park.
A bloodstain pattern analyst expert testified Tuesday at Erick Buhr鈥檚 second-degree murder trial.
A Saskatoon family is voicing concerns after paying twice as much PST as expected on a recently purchased truck.
Hundreds of voter information cards have landed in the wrong hands.
A city planning document for the Bus Rapid Transit system (BRT) sparked controversy over the weekend, with three civic election candidates alleging Confederation Mall was at risk of being demolished and replaced with dense housing.
Greater Sudbury has ended the employment of CAO Ed Archer, Mayor Paul Lefebvre announced suddenly Tuesday evening
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The Sudbury jury is still out deliberating whether or not Felicity Altiman killed Robert Keskinen, 75, in December 2020.
Police said the house is believed to be empty and abandoned and it's not known yet if the driver of the truck is injured.
A father and his two children who suffered severe burns in a Springfield, Ont. house fire have undergone surgery.
A collision between a pickup truck and SUV shuttered the intersection of Base Line and New Road for several hours.
A thriving circular economy extends the lives of products.
Emergency crews rushed to the scene of a serious collision in Barrie鈥檚 south end involving a passenger vehicle and a motorcycle.
Drivers are asked to be on the lookout for deer and other wildlife crossing our highways.
Residents living in central Windsor are calling for after-hours construction to expand a commercial development to stop.
NextStar Energy is celebrating the official start of battery module production.
The University of Windsor board of governors has upheld its decision to disqualify a motion that aims to pause a pair of agreements with pro-Palestinian protesters.
Mounties in British Columbia say a second person has been found dead after two vehicles ended up in a river on Vancouver Island when a road washed out amid torrential rains over the weekend.
With the B.C. election too close to call, Dr. Bonnie Henry was asked Tuesday how she feels about the possibility of a party that has repeatedly called for her firing forming government.
Premier and NDP Leader David Eby says he's been told by the B.C. Green Party that it's too early to begin talks about a minority government agreement after the weekend's still-undecided provincial election.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
Alberta Premier Danielle Smith says she's waiting for NDP Leader Naheed Nenshi to declare where he intends to run for office before she calls a byelection in Lethbridge.
The health of honeybees will be the focus of a presentation at the University of Lethbridge on Wednesday evening.
Alberta is offering infrastructure funding to help municipalities accommodate recent population growth. The province has added a little over 500,000 people over five years, putting pressure on public services.
The union representing the fire rangers with the Ministry of Natural Resources says money won鈥檛 fix the systemic problems in the workplace.
Rallies by a group called Voices Against Violence took place across the country on Monday, including Sault Ste. Marie.
An Indigenous group in northwestern Ontario shut down the highway for a couple of hours Monday morning in protest after ancestral remains were found at a construction site.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
A Newfoundland scientist known for identifying a gelatinous, rancid mass that washed up on the island's shores decades ago is hoping to get his hands on a slice of the strange white globs appearing on the province's beaches.
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