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UK's Boohoo Names Tim Morris as Chair

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
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UK's Boohoo Names Tim Morris as Chair

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

British online fashion retailer Boohoo said on Thursday it had appointed Tim Morris as its independent chair with immediate effect, replacing Mahmud Kamani.

In a separate statement, Frasers, Boohoo's top investor, called for a shareholders' meeting to remove Kamani as a director of the company, and appoint its owner Mike Ashley and Mike Lennon as directors.

Boohoo also said Kamani will become executive vice-chair with immediate effect.

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Fashion

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.