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>> The next step is winning championships.>> Under Armour, a company that helped create the at leisure wear craze, rode the fad all the way up, and now, all the way down. The sports wear maker Tuesday, announcing it's first drop in quarterly sales since going public a dozen years ago.
And along with that, slashing its forecast for the entire year.>> I'm Conway in New York. There was a time when retailers like this one couldn't get enough Under Armour product fast enough. It was the scrappy upstart fighting against Adidas and Nike, and for a time, it was winning.
But now, Under Armour is in the midst of its biggest challenge of its young corporate life.>> The problem? Under Armour has failed to find the next big thing. Now that the American craze of buying and wearing exercise clothes everywhere has subsided. At the same time, rivals Nike and Adidas, two companies with the benefit of experience, cultivated since the middle of the last century, have stepped up their game in North America.
Utilizing price cuts, retro designs, and ingenuity to push Under Armour to the sidelines.>> But don't blame all of Under Armour's woes on the competition, the company disclosing that an IT upgrade created a quote, operational challenge, resulting in a drop in sales.>> Under Armour's financial performance has been suffering for some time.
But this quarter was so bad, one analyst called it, quote, calamitous. The stock responding in kind, shares tumbling 17%, all the way down to a four and a half year low.