Under Armour, Inc. (NYSE: UA) announced that it is reiterating its previously issued outlook for 2016 following the recent announcement by The Sports Authority of its commencement of a pre-arranged chapter 11 bankruptcy restructuring.

Based on current visibility, the Company continues to expect 2016 net revenues of approximately $4.95 billion, representing growth of 25% over 2015, and 2016 operating income of approximately $503 million, representing growth of 23% over 2015, in line with the financial targets outlined in the Company's recent earnings release issued on January 28, 2016.

The Sports Authority is a longstanding customer of the Company, and the Company intends to support them as they proceed through their restructuring. The Company plans to offset the impact of the bankruptcy on the Company's full year 2016 results through continued sales to The Sports Authority and sales through other channels and customers. In addition, although the Company does not currently believe that the exposure to its receivables from The Sports Authority is materially impacted by these developments, the Company will continue to monitor the proceedings and its related impact during the first quarter of 2016.