Under Armour sinks on weak sales forecast, tariff-related costs

** Shares of Under Armour UAA.N slump as much as 21% to $5.25 in early trading

** Sportswear maker warns of $100 million more in tariff-related costs for fiscal year 2026

** Projects bigger-than-expected Q2 revenue drop, hurt by muted demand in North America due to tariff uncertainties

** Expects Q2 revenue to decline between 6% and 7%, compared to estimates of a 2.9% drop, per data compiled by LSEG.

** Gross margin drop expected in the range of 340 to 360 basis points, primarily due to supply-chain challenges from tariffs

** Citi analysts say weak Q2 guide highlights weak brand positioning in North America, with UAA likely feeling pressure as retailers prioritize stronger brands at the expense of weaker players in the market

** Up to last close, stock down about 19% YTD