Under Armour (NYSE: UAA) announced on Wednesday that Stephanie Linnartz will join the sports and casual apparel retailer as President and CEO, effective February 27, 2023.
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Linnartz currently serves as the President of Marriott International (MAR).
The company has been struggling recently as rising inflation drags down discretionary purchases. While UAA delivered strong fiscal Q2 results, this optimism was tempered by a muted outlook for FY23.
The company now expects its FY23 revenues to grow at “a low single-digit percentage rate” versus its prior expectation of growth in the range of 5% to 7% due “primarily to a more challenging retail environment and additional negative impacts from changes in foreign currency.”
Diluted earnings are projected to range between $0.56 to $0.60 per share compared to the earlier expectation of $0.61 to $0.67.
Shares of UAA have lost more than 50% of their value this year.
