Under Armour had more bad earnings news for the third quarter of 2017, as the company reported sales were down in a quarter for the first time since 2005. The 4.5-percent dip is the latest in a string of results this year that forced the company to lay off workers over the summer, and overall left CEO Kevin Plank and the company “incredibly disappointed,” Plank said on a conference call Tuesday. Bloomberg reported the struggles shaved $2.5 billion off Plank’s net worth (though he remains a billionaire).
According to the Washington Post, analysts have pointed to the company’s struggles on the retail side in the North American market, as well as shifting tastes and the bankruptcy of companies like the Sports Authority that were key distributors of the company’s products.
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