After years of rapid growth, Under Armour’s quarterly sales fell for the first time since it went public in the third quarter, the company announced Tuesday.
Struggling with intense competition, shifting fashion preferences and growing pains, Under Armour reported that sales dropped 4 percent in the quarter to just over $1.4 billion in the quarter ended Sept. 30.
The Baltimore athletic apparel brand also slashed its projections for sales and earnings for the year, sending the company’s stock into a tail spin. Under Armour shares plunged Tuesday, losing almost a quarter of their value and closing at $12.52 each — a four-year low.
Under Armour CEO Kevin Plank...