(CercleFinance.com) – Under Armor shares opened sharply lower on Friday morning on the New York Stock Exchange despite the publication of historic results for the 2021 financial year.
The American sportswear and footwear manufacturer announced this morning that it generated sales of nearly $5.7 billion last year, compared to $4.5 billion in 2020.
Its operating profit reached $486 million.
In the fourth quarter alone, its turnover rose 9% to $1.5 billion, showing operating profit of $86 million, against $55.8 million a year earlier.
The Baltimore group has also communicated more optimistic sales forecasts for 2021, now anticipating growth in its turnover of around 5%, against a target of 0% to 5% so far.
In the very first exchanges, the Under Armor action however fell by more than 8%, signing the second largest drop in an S&P 500 index which fell by 0.1%.
In its statement, the company warned that its gross margin would shrink this year due to soaring costs of transporting goods, which it attributes to supply problems following the Covid epidemic.
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