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Under Armour Raises Annual Profit Forecast on Cost-savings Plan

FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo
FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo
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Under Armour Raises Annual Profit Forecast on Cost-savings Plan

FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo
FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo

Sportswear maker Under Armour raised its annual profit forecast on Thursday, betting on its cost-saving strategy and efforts to sell more clothing and shoes at full price.

Shares of the company rose 6.3% in premarket trading.

Following several quarters of poor results, Under Armour founder Kevin Plank returned as CEO to reset the business and has been reducing headcount and cutting down on inventory of some products.

The company is also aiming to cut back on promotions and sell apparel and footwear at full prices.
It now expects annual adjusted per-share profit of between 24 cents and 27 cents, compared with its prior forecast of 19 cents to 21 cents.

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EU Hits Pierre Cardin and Licensee with $6 Mln Antitrust Fine

Flags of the European Union (EU) and Ukraine fly together with flags of EU member states outside the European Parliament in Strasbourg, France November 26, 2024. REUTERS/Yves Herman
Flags of the European Union (EU) and Ukraine fly together with flags of EU member states outside the European Parliament in Strasbourg, France November 26, 2024. REUTERS/Yves Herman
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EU Hits Pierre Cardin and Licensee with $6 Mln Antitrust Fine

Flags of the European Union (EU) and Ukraine fly together with flags of EU member states outside the European Parliament in Strasbourg, France November 26, 2024. REUTERS/Yves Herman
Flags of the European Union (EU) and Ukraine fly together with flags of EU member states outside the European Parliament in Strasbourg, France November 26, 2024. REUTERS/Yves Herman

The EU Commission on Thursday said it had handed a total fine of 5.7 million euros ($6 million) to French fashion house Pierre Cardin and German clothing maker Ahlers for breaching EU antitrust rules.
The commission said the companies between 2008 and 2011 had anticompetitive agreements to shield Ahlers from competition in European countries where it held a Pierre Cardin license.
The move by the European Commission, which acts as the EU competition enforcer, followed dawn raids on Pierre Cardin in 2021 and charges imposed against the company last year.
"These illegal practices prevent retailers from being able to freely source products in member states with lower prices and artificially partition the internal market," the commission said.
Pierre Cardin was fined for 2.2 million euros, while Ahlers has to pay 3.5 million euros.
The fine confirmed an earlier report by Reuters.