From bad to worse. Under Armour is now down over 75% from its September 2015 – do no wrong – record highs, plunging 14% in the pre-market after slashing full-year guidance again.

While it beat earnings expectations (22c vs 19c exp), UA reported a 4 percent dip in revenue to $1.41 billion, its first decline in revenue since it floated in 2005. Analysts on average had expected $1.48 billion.

However, the Baltimore-based company cut its sales outlook for the year to a gain of a low-single-digit percentage. This comes after a previous reduction in August to a growth of 9 percent to 11 percent.

It also lowered its forecast for profit excluding some items to 18 cents to 20 cents a share, down from a previous range of 37 cents to 40 cents.

Lowest since April 2013, down from $52.95 highs to $12.40 this morning in the pre-market…

Bloomberg reports that UA blamed the 3Q shortfall on operational disruptions from a recent technology systems transition, which Wells Fargo’s Tom Nikic views as “a major risk into the back half.”

Even international’s 34% constant currency growth represents “significant deceleration” from 2Q’s 54% growth, Nikic writes in note.

Gross margin (GM) continue to come under pressure (down 130bps y/y in 3Q), and 4Q forecast implies even worse margin erosion: GM implied down 350-400bps, which would be 4th straight year 4Q GM declined >150bps, would result in 1,000bps of cumulative erosion since 4Q13.

UAA business continues to come under pressure due to macro headwinds, off-trend product assortment (focus on technical/performance rather than casual/lifestyle), internal operational issues warranting underperform rating.

We are sure that Steph Curry shoe will solve all these problems.