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Under Armour reveals $30m loss

US-based sportswear brand Under Armour posted a $30m (£22m) net loss in the first quarter to March 31, driven by a flat home-market in North America which accounts for three-quarters of the business.

However, sales grew 6% to $1.2bn (£880m) during the period, with its international business continuing to deliver strong growth, posting a 27% rise during quarter one.

Under Armour chairman and CEO Kevin Plank said: “Our first quarter results demonstrate measured progress against our focus on operational excellence and becoming a better company.”

For its full year outlook, it expects net revenue to be up at a low single-digit percentage rate, reflecting a mid-single-digit decline in North America, where it has struggled against competition from rivals Nike and Adidas. It said it anticipates international growth of greater than 25% for 2018.

Plank said: “As we continue to build our global brand by delivering innovative performance products to our athletes, amplifying our story, further strengthening our go-to-market process, and leveraging our systems to create even deeper consumer connections - we remain confident in our ability to deliver on our full year targets.”

Last year, Under Armour underwent a restructuring, which involved terminating facilities and leases, as well as job losses. At the time, it said the restructuring was part of a bid to become more consumer-led, moving from a mainly wholesale focus to a more direct-to-consumer focus.

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