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(In the same time period, Nike is up slightly and Adidas is way up.) Its CFO Chip Molloy left the company. In its last earnings report at the end of April, the company reported its first ever quarterly loss. More importantly, and more ominous for Under Armour: its footwear sales were up 2% in Q1 2017. In Q1 2016, they rose 64%. The scrappy Baltimore sportswear brand is having a very bad year. What’s the problem? The basketball sneaker business has been bad for nearly two years now, but it may be reaching a nadir: basketball sneaker sales are down 26% since the start of 2017. That’s bad for the whole sports footwear industry, so it’s not only hurting Under Armour, but it is especially bad for Under Armour, which overemphasized basketball footwear on the back of Steph Curry, its biggest star endorser. Golden State Warriors star and Under Armour endorser Steph Curry (Getty) Why have basketball sneakers declined? Simple fashion trends, experts say.
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