COVID-19: Under Armour Loses $590 Million

Under Armour (Baltimore) lost $590 million in its most recent quarter through the end of March. Last year during the same timeframe, the company lost $63 million, WWD reports. At the end of March, revenues were reportedly $930 million, down from last year's $1.2 billion during 2019’s first quarter.

Patrik Frisk, President and CEO of Under Armour, said in a statement: “During the first quarter, our results in January and February were tracking well to our plan … Since mid-March, as the pandemic accelerated dramatically in North America and EMEA and retail store closures ensued, we’ve experienced a significant decline in revenue across all markets.”

Like many retailers in the United States, Under Armour temporarily closed its North American stores in mid-March due to the COVID-19 pandemic. The company did see a slight increase in its ecommerce business, but not enough to offset losses from other channels, WWD reports.