On Thursday, Under Armour announced its first losing quarter ever. Perhaps not coincidentally, they also revealed their disappointment in the sales of Stephen Curry's signature shoes.
"Our success in basketball hasn't been without its learning," said CEO Kevin Plank during the company's earnings call. "As we launched the Curry 3 late last year, our expectations continued to run high. And while the 3 played very well on court for Stephen Curry and our athletes, a sluggish signature market and a warm consumer reception led to softer-than-expected results.
"This has created an inventory imbalance that we are working through. One that, yes, is baked into our full-year outlook which hasn't changed and, most importantly, yielded lessons we're applying ahead with the Curry 4 and beyond."
Curry's Curry 3 shoes have been widely discounted by retailers across the country in an effort to unload the shoes that originally cost $140 at their suggested retail price. This after the prices of Curry's previous signature shoes gradually rose—the Curry One originally cost $120, the Curry Two cost $130, and the Curry 2.5 cost $135.
The Curry 3Zer0, the Golden State Warriors star's playoff shoe, saw its suggested retail price drop to $120.
Early in his career, Curry struggled with ankle injuries. As a result, his shoes are bulkier and sturdier than most signature shoes, featuring a high profile to protect his ankles. According to ESPN's Darren Rovell, almost "80 percent of the people who wear basketball shoes do so for fashion, and lower-profile shoes are more popular."
Another theory: No one wants to wear shoes that look like butt, which has been a running issue among his offerings.
Plank added that future shoe launches will improve "with respect to number of color offerings, scarcity, exclusivity and cadence of launches to drive more consistent engagement and results."