BUZZ-Under Armour drops on downbeat annual forecasts

Under Armour

Under Armour

UAA

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** Shares of sportswear maker Under Armour UAA.N down 13% at $5.21 premarket

** The firm forecasts annual revenue decline and expects profit below Wall Street estimates as weak consumer spending and macroeconomic uncertainty weigh on demand in its key North American market

** UAA says it expects annual adjusted earnings per share of 8 cents-12 cents; analysts on average expected 23 cents, according to data compiled by LSEG

** Firm sees annual revenue declining slightly, compared with analysts' average expectation of a 1.6% rise to $5.05 billion

** Logs Q4 revenue of $1.17 billion, in line with estimates; adjusted net loss per share of 3 cents lags estimate of 2 cents

** As of last close, stock up 29% YTD