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Under Armour Points to Store Closures for Sliding Stock

National  + Weekender  | 

Under Armour’s Chief Executive Kevin Plank points to store closures and declining traffic in brick-and-mortar chains as the company slashes its 2017 forecasts. After going public this past week, the sportswear brand reported its first quarterly fall in revenue.

The less than optimal results have affected sentiment in other sportswear companies’ outcomes, as Nike shares dropped by 1.5% and retail chains that carry the Under Armour brand like Finish Line and Dick’s Sporting Goods weakened.

An additional challenge for the company is the rise in athleisure attire, or the fashion trend of wearing work out clothes for day-to-day activities. Yet, even despite this trend and the weaknesses in its North American wholesale business, Under Armour shares still hold the highest valuation of all major sportswear companies, trading at 39.1 times forward earnings.

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