Oct 23 (Reuters) - Under Armour Inc is mulling exit from its smaller sports categories to combat slowing industry sales and co-founder Kip Fulks is taking a sabbatical, Wall Street Journal reported on Monday, citing people familiar with the matter.
Under Armour’s shares fell more than 3 percent following the report.
Fulks most recently served as a strategic adviser to the sportswear maker and was previously its chief product officer.
The categories Under Armour is considering exiting include tennis, outdoor gear and fishing, the newspaper reported.
However the company's endorsement deals with top tennis players, including Andy Murray, aren't expected to be affected by the potential move, WSJ reported, citing a person familiar with the matter. [on.wsj.com/2yLpEkY ]
Under Armour had previously said it would cut 2 percent of its workforce across its operations and close stores as the company struggles in a fast-changing and fiercely competitive U.S. sportswear market. (Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)