Under Armour Inc. has revised its full-year revenue forecast, citing weakened demand in its primary market of North America during the latter part of the fiscal year.

The athletic apparel company now anticipates a 2% to 4% decline in revenue, compared to the earlier projection of flat to a slight increase. Despite this adjustment, Under Armour maintains its profit guidance of 47 cents to 51 cents per share, buoyed by robust second-quarter earnings.

For the quarter ending September 30, revenue in North America dropped by 2% to $991 million, while international sales experienced growth. The company’s profit per share was 24 cents, surpassing the analysts’ consensus estimate of 21 cents.

Under the leadership of CEO Stephanie Linnartz, Under Armour is undergoing a revamp, designating 2023 as a «building year» to reset inventory levels and refocus on strategic priorities such as womenswear and footwear.

Facing similar challenges, sportswear competitors like Adidas AG reported a 9% decline in North America revenue, while Nike Inc. experienced a 2% dip in sales in the region for its fiscal first quarter ending in August.

While Under Armour shares rose by 0.6% in premarket trading, the stock has seen a 29% decrease in value this year, in contrast to the 0.7% increase in the S&P MidCap 400 Index during the same period.