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Sportswear brand Under Armour to slash 400 more jobs

Sportswear maker Under Armour will slash around 400 jobs, or 3 per cent of its global workforce, in order to cut costs in its struggle to compete with Nike and Germany’s Adidas in North America. This is the second round of job cuts for the Baltimore-based company, which cut 277 jobs last year as part of a 2017 restructuring plan. The company had about 15,800 employees at the end of last year, and the workforce cuts are expected to be completed by March 2019. Under Armour expects to incur between $200 to $220 million in expenses for the latest rejig, which would be the final update to its 2018 restructuring program, slightly higher than an earlier estimate. Under Armour now expects annual adjusted earnings of 16 to 19 cents per share, compared with a previous estimate of 14 to 19 cents. Under Armour's sales in North America have risen only once in the past four quarters as it faced up to new sales pushes by its bigger rivals, and it expanded its cost-cutting programme in February.