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Under Armour Inc. updated its outlook for the full-year 2016 and for the second quarter due to the bankruptcy of Sports Authority.

When the athletic giant reported first-quarter earnings, it didn’t believe the company’s exposure to its receivables from the sports retailer would be material and said it would continue to support Sports Authority Inc. as it worked its way through its restructuring. Since then, the bankruptcy court approved of a total liquidation as opposed to a restructuring.

Under Armour now expects to recognize an impairment charge of $23 million in the second quarter. In addition, Under Armour had expected $163 million in revenues in 2016 from Sports Authority and now will only get $43 million. The liquidation of Sports Authority also means lost revenue from planned sales.

Under Armour now expects 2016 net revenues to be about $4.93 billion, which is growth of 24 percent over 2015. The Capital IQ estimate was for sales of $5.03 billion. The second-quarter guidance is now forecast to grow in the high 20 percent range. With the impairment, operating income is expected to range between $17 million and $19 million for the quarter.

“While Sports Authority’s bankruptcy impacts our 2016 outlook, our brand’s momentum is stronger than ever as we continue to see growth and increased demand across all categories and geographies,” said chief executive officer Kevin Plank. “This one-time event will not impact our focus on making the best decisions for Under Armour through investments that protect and drive our growth.”

Under Armour stock has had a roller coaster year, but is only down 3 percent for the past 12 months. The shares fell over 2 percent in after-hours trading to $36.89 on the news.

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