Under Armour's sneaker business loses its traction

New York

UNDER Armour Inc was betting it could dance with Nike and Adidas at the hot sneaker prom. It was not to be.

The sports clothing label reported a 2 per cent decline to US$237 million in footwear revenue for the quarter, compared with a 58 per cent jump over the same period in 2016.

Those numbers are a bigger disappointment than they sound, since in recent years, the brand has sought to sharpen its image with a sexy sneaker lineup that would draw shoppers away from rivals.

Looking to regain its swagger by finding growth - especially in its important sneaker business, Under Armour has been left humbled.

"Footwear slowing is a big deal," said Simeon Siegel, an analyst at Instinet. "Because footw…