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Core Viewpoint - Under Armour's performance continues to decline, with a 9% revenue drop to $5.2 billion and a net loss of $201 million for the fiscal year 2025, despite management's positive outlook on restructuring efforts [2][3]. Financial Performance - For fiscal year 2025, Under Armour reported a revenue decrease of 9% to $5.2 billion and a net loss of $201 million [2]. - In Q4, revenue fell 11% year-over-year to $1.2 billion, with a net loss of $67 million [2]. - In fiscal year 2024, revenue declined 3% to $5.7 billion, with a net income of $232 million, down $142 million from the previous year [2]. Restructuring and Strategic Initiatives - Under Armour initiated a turnaround plan in June 2024, led by returning CEO Kevin Plank, focusing on eliminating excessive discounting and enhancing product exclusivity for members [3]. - The plan emphasizes a return to the core men's apparel business and the revival of the Flow technology with the Curry shoe series [3]. - A key strategy involves focusing on the Asia-Pacific market, particularly China, which is seen as a growth driver [3]. Market Position and Competition - Under Armour has increased its store count and localized marketing efforts in China, including a series of fan events featuring Stephen Curry [3]. - The company plans to invest more in marketing within the Asia-Pacific region, recognizing China's significant contribution to regional revenue [3]. - Despite the restructuring efforts, Under Armour faces stiff competition from both international brands like Nike and Adidas and domestic brands such as Anta and Li Ning in the Chinese market [4]. Future Outlook - Under Armour forecasts a revenue decline of 4% to 5% for Q1 of fiscal year 2026 compared to the same period in fiscal year 2025 [4].