Falling shy of analysts’ third-quarter revenue predictions, Under Armour (Baltimore) has reduced its profit and revenue expectations for the full year, it announced this morning.
The company cites a “difficult backdrop” in North America, its largest market by sales, CNBC reports. Under Armour’s total revenue fell 4.5 percent to $1.41 billion. For the latest quarter, its North America sales were down 12 percent, while international revenue rose 35 percent.
Wall Street analysts cite increasing competition to gain market share over competing athletic brands, including Nike (Portland, Ore.) and adidas (Herzogenaurach, Germany).
“Our management team is working aggressively to evolve our strategy and level of execution to proactively address these challenges,” said ceo Kevin Plank in a statement released by the company.