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Under Armour swung from an early loss to a slight gain after it warned that its revenue will be likely down by “a low double-digit percentage rate” this upcoming fiscal year, citing weaker demand from wholesalers and “inconsistent execution across our business.” The company announced a restructuring plan to cut costs and also announced a program to buy back up to $500 million of its stock.
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Under Armour said in a statement that the settlement relates to the company’s disclosures and does not include any allegations from the SEC that sales during these periods did not comply with “generally accepted accounting principles.”
