Under Armour warned on Thursday that the Middle East conflict will hurt its operating income more than expected. The company cut its annual gross margin growth target, sending shares down 12% in premarket trading. Many firms now face higher supply-chain costs as oil prices rose due to the Iran war.
Nov 6 (Reuters) - Under Armour (UAA.N), opens new tab on Thursday warned of a bigger hit to its operating income from the Middle East conflict and lowered its annual gross margin growth forecast, sending its shares down about 12% in premarket trading.
The athletic apparel maker joins a string of companies across industries that anticipate higher transportation and supply-chain costs due to the surge in oil prices triggered by the Iran war.
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