Under Armour sales plummet 23% during first quarter, putting company’s turnaround plans in jeopardy.

  • Net revenue fell 23% during the first quarter, to $930.2 million from $1.20 billion.
  • Under Armour reported a net loss of $589.7 million, or $1.30 per share, compared with a profit of $22.5 million, or 5 cents per share, a year earlier. 
  • Under Armour said it plans to cut about $325 million in operating costs in 2020 to help weather the crisis.
  • The company last month temporarily laid off about 600 staff at its U.S.-based distribution centers.