Under Armour warns of bigger Middle East hit, cuts annual gross margin growth target
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Under Armour warned on Thursday that the Middle East conflict will hurt its operating income more than expected.
- ✓The company cut its annual gross margin growth target, sending shares down 12% in premarket trading.
- ✓Many firms now face higher supply-chain costs as oil prices rose due to the Iran war.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Reuters
- Reading Speed
- 1 Minute(s)
- Market Focus
- India Economy
Nov 6 (Reuters) - Under Armour (UAA.N), opens new tab on Thursday warned of a bigger hit to its operating income from the Middle East conflict and lowered its annual gross margin growth forecast, sending its shares down about 12% in premarket trading.
The athletic apparel maker joins a string of companies across industries that anticipate higher transportation and supply-chain costs due to the surge in oil prices triggered by the Iran war.
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Reporting by Shania S Thomas in Bengaluru; Editing by Shreya Biswas
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