Daily Record

Under Armour lowered its 2008 guidance for analysts Wednesday — including decreasing annual revenue expectations by about $40 million — as retailers across the nation struggle to recover from one of the worst holiday sales seasons in history.

The news took some analysts by surprise and prompted a 13 percent drop in the value of Under Armour’s shares. The shares, which have a 52-week high of $46.80, lost $2.92 Wednesday to close at $19.40.

The Baltimore-based sports apparel company lowered its net revenue expectations to $725 million or $726 million compared to a previous estimate of $750 million to $765 million. In April, Under Armour had estimated annual revenue as high as $775 million.