Home / Knowledge / News / Apparel/Garments / Under Armour restructures plan to optimise growth in FY18

Under Armour restructures plan to optimise growth in FY18

22
Sep '18
Courtesy: Under Armour
Courtesy: Under Armour
Under Armour, a leading marketer and distributor of branded performance athletic apparel, footwear and accessories, has announced an update to its restructuring plan for fiscal 2018 based on an organisational and process redesign. The modification is aimed to optimise the company's strategic growth initiatives and overall business performance.

"In our relentless pursuit of running a more operationally excellent company, we continue to make difficult decisions to ensure we are best positioned to succeed," said Under Armour chief financial officer David Bergman. "This redesign will help simplify the organisation for smarter, faster execution, capture additional cost efficiencies, and shift resources to drive greater operating leverage as we move into 2019 and beyond."

Previously, the company expected to incur total estimated pre-tax restructuring and related charges of approximately $190 million to $210 million in connection with its 2018 restructuring plan. Following further evaluation, the company has identified approximately $10 million of cash severance charges related to an approximate 3 percent reduction in its global workforce. Accordingly, it now expects approximately $200 million to $220 million of pre-tax restructuring and related charges to be incurred in 2018. The reduction in workforce is expected to be completed by March 31, 2019 and represents the final component and update to the company's 2018 restructuring plan.

For fiscal 2018, operating loss is now expected to be approximately $60 million versus the previous range of $50 million to $60 million. Excluding the impact of the restructuring plan, adjusted operating income is now expected to be $140 million to $160 million as against the prior expectation of $130 million to $160 million. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Sales tax reduced for Pak textile, leather sectors

Textiles | On 20th Nov 2018

Sales tax reduced for Pak textile, leather sectors

Pakistan’s Federal Board of Revenue (FBR) recently issued procedure...

US may include RMG in revised duty free Nepali items list

Apparel/Garments | On 20th Nov 2018

US may include RMG in revised duty free Nepali items list

The United States is interested to revise the list of Nepali products ...

Courtesy: Microsoft

Information Technology | On 20th Nov 2018

Gap partners with Microsoft for digital transformation

Gap has established a strategic partnership with Microsoft to drive...

Interviews View All

Stefan Warnaar, Peak to Plateau

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Anupam Arya,

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Lucilla Booyzen,

Lucilla Booyzen

South African Fashion Week (SAFW) is a B2B marketing platform for fashion, ...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search