US sportswear brand Under Armour is cutting 50 roles across its corporate workforce.
Confirming the cuts to Footwear News, the company said: “Under Armour made the difficult decision to eliminate certain corporate roles across several functions in the business.
“We sincerely appreciate the commitment and contributions these teammates made and are supporting them during this transition.”
It comes after the company announced in May that it swung to a net profit of 170.5 million dollars in the fourth quarter ended March 31, compared to a loss of 59.6 million dollars a year earlier.
That came as revenue rose 8 percent to 1.4 billion dollars, with North America revenue increasing 3 percent to 862.2 million dollars and international revenue up 16 percent to 526 million dollars.
Despite the growth, shares fell on the news as the company forecasted a weaker FY24 outlook than analysts had expected.
The company said at the time it expects FY24 revenue to be flat or up slightly on the prior year, and for diluted earnings per share to be between 47 cents and 51 cents.