American multinational clothing brand Under Armour store seen in Hong Kong.Budrul Chukrut | SOPA Images | Lightrocket | Getty ImagesUnder Armour on Wednesday cut its profit forecast for the fiscal year 2023 as more promotions on its athletic apparel ate into margins. The company now expects earnings per share for the full year to come in between 61 cents and 67 cents, down from an earlier guide of between 79 cents and 84 cents. Gross margin is expected to be down 375 to 425 basis points, a worsened outlook from the previous range of 150 to 200 basis points.Still, Under Armour's fiscal first-quarter results matched Wall Street expectations. The stock gained roughly 2% in premarket trading following the report. Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Earnings per share: 3 cents, adjusted, vs. 3 cents expectedRevenue: $1.35 billion vs. $1.34 billion expectedGross margin for the period declined 280 basis points compared with the prior year. Net income before adjustments was $7.68 million, or 2 cents per share.This story is developing. Please check back for updates.
Under Armour cuts profit outlook for the full year as promotions eat into margins.