Canadian Manufacturing

Under Armour cuts global workforce by 3 per cent

The company anticipates restructuring-related charges of between about $200 million and $220 million

September 20, 2018  by The Associated Press

BALTIMORE – Under Armour will cut its global workforce by 3 per cent by the end of March.

The Baltimore sports gear company said Thursday that it now anticipates restructuring-related charges this year of between about $200 million and $220 million. It previously projected restructuring charges between $190 million to $210 million.

Excluding those costs, Under Armour Inc. expects full-year profits of between 16 and 19 cents per share. Its prior outlook was for 14 to 19 cents per share. Analysts polled by FactSet expect earnings of 16 cents per share.

Shares rose 2.7 per cent before the opening bell.

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