Why is Under Armour stock tumbling today?
Investing.com ·
Why is Under Armour stock tumbling today?
Investing.com -- Under Armour stock slid 11.3% in pre-open trading after the athletic apparel maker cut its annual gross margin growth target, offseting the quarterly results that beat estimates.
The sportswear maker lowered its annual gross margin growth target, citing higher fuel and freight costs and warning of a bigger hit to its operating income from the conflict in the Middle East
It forecasts annual gross margin to increase 170 basis points to 220 basis points, down from previous expectation of 220 basis points to 270 basis points
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