BALTIMORE — Under Armour shares plunged 23.4 percent after the Baltimore-based sports apparel maker reported fourth-quarter results Tuesday that missed Wall Street expectations.
The company blamed a challenging retail environment in the crucial end-of-year selling period for the weaker-than-expected sales and earnings. The company does, however, continue to grow, reaching a record $4.8 billion in sales for 2016, up 22 percent from the prior year.
Under Armour is currently renovating a former YMCA south of downtown Portland; the company is expected to open the new office complex in spring, according to the Portland Business Journal.
In the crucial October-to-December holiday quarter, though, sales only rose 12 percent to $1.3 billion and its profit slipped to $104.9 million from $105.6 million in the same period last year. Per share earnings dipped a penny to 23 cents each.