Under Armour sales plummet 23% as coronavirus stalls turnaround plans

Under Armour on Monday reported a sales decline of 23% during its first quarter as its business took a blow from the coronavirus pandemic and its stores were forced shut, freezing its turnaround plans. 

The athletic apparel company said it plans to cut about $325 million in operating costs in 2020 to help it weather the crisis, including by temporarily laying off some retail employees. 

During a conference call with analysts, it said it expects revenue could be down as much as 50% to 60% during… READ MORE @ CNBC