Under Armour drops on downbeat annual forecasts

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