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| Sportswear company faces two US accounting probes | Sportswear company faces two US accounting probes |
| (about 1 hour later) | |
| US sportswear firm Under Armour has confirmed its accounts are being investigated by US federal authorities. | US sportswear firm Under Armour has confirmed its accounts are being investigated by US federal authorities. |
| It is co-operating with probes from the US Securities and Exchange Commission and the US Department of Justice. | It is co-operating with probes from the US Securities and Exchange Commission and the US Department of Justice. |
| A Wall Street Journal report said authorities were looking into whether Under Armour had shifted sales from quarter to quarter to appear healthier. | A Wall Street Journal report said authorities were looking into whether Under Armour had shifted sales from quarter to quarter to appear healthier. |
| But Under Armour has said its "accounting practices and disclosures were appropriate". | But Under Armour has said its "accounting practices and disclosures were appropriate". |
| The firm, which supplies kits to Premier League club Southampton and the Wales rugby team, says it has been assisting the authorities since July 2017. | The firm, which supplies kits to Premier League club Southampton and the Wales rugby team, says it has been assisting the authorities since July 2017. |
| In pre-market-open trading in the US, the company's shares were down 16%. | In pre-market-open trading in the US, the company's shares were down 16%. |
| In October, the Baltimore, Maryland-based company said founder and long-serving chief executive Kevin Plank would step down from the role next year, | |
| He is handing the reins to operations head Patrik Frisk, as the firm looks to compete with long-established rivals Nike and Adidas in the US. | He is handing the reins to operations head Patrik Frisk, as the firm looks to compete with long-established rivals Nike and Adidas in the US. |
| Revenues fall | Revenues fall |
| On Monday, the firm cut its growth forecast for annual revenues as it reported its third quarter financial results | On Monday, the firm cut its growth forecast for annual revenues as it reported its third quarter financial results |
| Under Armour now expects revenues in the current financial year to grow by 2%, compared with an earlier forecast of 3%-4%. | Under Armour now expects revenues in the current financial year to grow by 2%, compared with an earlier forecast of 3%-4%. |
| The firm's third quarter results showed revenue fell 1% to $1.4bn (£1.07bn). | The firm's third quarter results showed revenue fell 1% to $1.4bn (£1.07bn). |
| North American revenue fell 4% to $1bn but revenues from the international business increased 5% to $368m. Other revenue was earned by its health and well-being division Connected Fitness. | North American revenue fell 4% to $1bn but revenues from the international business increased 5% to $368m. Other revenue was earned by its health and well-being division Connected Fitness. |
| Within the international business, revenue was up 9% in EMEA (Europe, Middle East and Africa), up 4% in Asia-Pacific, and down 4% in Latin America. | Within the international business, revenue was up 9% in EMEA (Europe, Middle East and Africa), up 4% in Asia-Pacific, and down 4% in Latin America. |
| In the UK, its kit has also been worn in the past by the Tottenham Hotspur football team and tennis player Andy Murray. | In the UK, its kit has also been worn in the past by the Tottenham Hotspur football team and tennis player Andy Murray. |