Under Armour Inc forecast full-year profit below estimates on Friday, as the sportswear maker grapples with higher transportation costs and a hit to its business from renewed COVID-19 curbs in China.
Shares of Under Armour (NYSE:UA) tumbled over 21% in premarket trading, as the company also reported a surprise loss and bleak sales in the first three months of the year.
While economies around the world are reopening, a spike in COVID-19 infections in parts of the world such as China has led governments to reinstate strict social restrictions once again, hurting manufacturing operations and retail sales.
