By Gayathree Ganesan
Under Armour profit hit by restructuring charge
(Reuters) – Under Armour Inc <UAA.N> slashed 2017 forecasts and reported its first quarterly fall in revenue since going public on Tuesday, as the sportswear firm struggled to make inroads against global rivals Nike <NKE.N> and Adidas <ADSGn.DE>.
Shares of the maker of Stephen Curry basketball sneakers, already among the worst performing stocks on the S&P 500 <.SPX> this year, sank 17 percent in morning trade in New York, hitting a four-and-a-half year low.
The results also worsened sentiment in other sportswear firms, pulling Nike shares 1.5 percent lower and weakening retail chains including Dick…
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