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Under Armour CFO Steps Down After Shares Plunge

BALTIMORE (AP/WJZ) – There will be a new person in charge of Under Armour financials after a bad year in the stock market.

The company announced Chief Financial Officer Chip Molloy will be stepping down. Under Armour says Molloy is leaving for personal reasons, but did not elaborate. The former CFO of PetSmart had been with the company since last January.

Under Armour Inc. did not have a great fourth-quarter, reporting a net income of $104.9 million, with a profit of 23 cents per share.

According to AP, the results missed Wall Street expectations. The average estimate of 21 analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The sports apparel company posted revenue of $1.31 billion in the period, which also fell short of Street forecasts. Sixteen analysts surveyed by Zacks expected $1.41 billion.

Under Armour shares have declined slightly since the beginning of the year. The stock has fallen 33 percent in the last 12 months.

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(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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