Under Armor Shares Fall (BBJ Story)
Under Armour Inc. shares fell 11 percent in trading Wednesday as the sportswear maker hosted its first investor day in three years and issued conservative revenue projections.
Analysts are skeptical of Baltimore-based Under Armour's ability to grow sales in North America. As the investor day began, CEO Kevin Plank and President Patrik Frisk spent most of the time talking about the past instead of the future. The event was closed to the press and some analysts, but streamed live online. Under Armour's stock was down more than 11 percent to $19.67 per share in midday trading after it disclosed conservative revenue estimates for the next five years. Plank said Under Armour's next chapter is all about balance. Frisk said Under Armour wants to provide repeatable and consistent financial results.