The CEOs of Under Armour, Allbirds and Crocs, all of which posted earnings this week, each expect lower revenues in upcoming quarters due to tariffs.

Some shoe investors are heading for the hills over worries connected to lowered earnings guidance from Under Armour, Allbirds and Crocs after the three posted earnings results this week.

Under Armour Inc.’s first quarter report on Friday sent shares down 17.2 percent in mid-afternoon trading, or $1.08, to $5.19, after company founder, president and CEO Kevin A. Plank said the expectation is an additional $100 million in added costs from tariffs, an amount that will make its turnaround efforts that much harder. The net loss was $3 million, on a 4 percent revenue decline to $1.1 billion. Footwear sales were down 14 percent to $266 million, while apparel sales decreased 1 percent to $747 million. Looking ahead to the second quarter, the company projected a revenue decline by 6 to 7 percent, and earnings per share between 1 cent and 2 cents, a drop from analyst expectations of 26 cents.

Allbirds Inc., which posted second quarter results Thursday after the markets closed, plummeted 29.3 percent, or $2.87, to $6.94. The company managed to narrow its net loss to $15.5 million from the year-ago net loss of $19.1 million, but it also saw a revenue decline of 23.1 percent to $39.7 million from $51.6 million. It also lowered net revenue guidance for full year 2025 to between $165 million to $180 million. The prior guidance was $175 million to $195 million.

Other shoe firms also saw declines, such as Genesco Brands Inc., down 4.8 percent to $23.82; Amer Sports Inc., down 1.6 percent to $37.24; Caleres Inc., down 1.4 percent to $13.57; Wolverine Worldwide Inc., down 1.1 percent to $27.45; Steve Madden Ltd., down 0.8 percent to $25.44; Deckers Inc., down 0.2 percent to $101.68; Nike Inc., also down 0.2 percent to $74.18, and Skechers USA Inc., down 0.1 percent to $62.96.

Shoe retailers also saw declines. Shoe Carnival Inc. was down 4.8 percent to $19.57; Dick’s Sporting Goods Inc., down 1.9 percent to $210.61; Boot Barn Holdings Inc., down 1.6 percent to $166.00; Academy Sports + Outdoors Inc., down 1.1 percent to $49.63, and Designer Brands Inc., down 0.7 percent to $2.91.

There were a few exceptions. One was Swiss athletic shoe firm On Holding AG, which was up 0.5 percent to $45.40. Another shoe stock that rose was Crocs Inc.

Crocs fell 0.1 percent, or 10 cents, to $74.29 in mid-afternoon trading Friday, but ended the trading session up 0.7 percent to close at $74.92. But that was nowhere near where the closing stock price was on Thursday after it posted second quarter results. Crocs shares closed at $74.39, a significant decline from Wednesday’s closing price of $105.13.

Crocs bested Wall Streets’ expectations, with adjusted diluted earnings per share (EPS) of $4.23 and revenues up 3.4 percent to $1.15 billion. Analysts were expecting adjusted diluted EPS of $4.02 on revenue of $1.14 billion. But what left investors shell-shocked was third quarter guidance that pegged revenues to be down 9 percent to 11 percent. Crocs CEO Andrew Rees is eying “bold decisions” for sustainable growth and cash flow, including “social commerce and live streaming platforms,” such as TikTok Shop.

Under Armour Plank told investors on the company conference call that the company is undertaking a “bold reinvention” of the brand.

“What’s coming to life is a carefully sequenced strategy to reintroduce Allbirds, starting from our roots and building toward a clear reimagined future as a modern lifestyle footwear brand,” president, secretary and CEO Joe Vernachio said in a company conference call Thursday.

He said beginning this month and through the end of the year, the company will drop new products every month and introduce new marketing content each week. Vernachio acknowledged that the the current macro environment creates some uncertainty around consumer spending, but emphasized the company’s conviction in the work it has done to bring compelling product to the market.

Allbirds introduced in July an improved version of its best-selling style Tree Runner NZ, along with the new Cruiser that’s crafted from the firm’s signature eucalyptus-derived tree material. And this month, the Wool Runner NZ will be relaunched using merino wool.

For autumn, the company expects to launch its first-ever waterproof collection, followed in November the debut of the Kiwi collection, featuring a slipper, clog and low boot footwear for home and short trips around one’s neighborhood.

“This season, we’re introducing a broader range of new styles and materials than ever before, bringing depth, discovery and innovation across the line. We’re expanding into new textures and finishes like velvet, tweed and sculpted knit patterns with new drops expected to arrive every few weeks,” he said. “In total, we expect to launch 19 new styles this season, a major step forward from a year ago.”

The shoe firm is also partnering with Blumaka and Circ to launch Remix, Allbirds’ foray into circularity. Blumaka is the leader in foam upcycling and Circ is a pioneer in textile to textile recycling. The partnerships will enable Allbirds to utilize foam scraps and textile waste into comfortable shoes under its Runner and Cruiser platforms.

Also on the agenda for 2026 is a new material Allbirds is calling Terralux, which has leather-like aesthetics and performance created from plant proteins, biopolymers and recycled materials that otherwise would be put in landfills. And in the works for next year is a new upper mesh fabric from tree fiber but engineered for lightweight breathability called Aerie.

Tariff Impacts at Under Armour and Allbirds Rattle Shoe Investors

The CEOs of Under Armour, Allbirds, and Crocs, which posted earnings this week, expect lower revenues in upcoming quarters due to tariffs. Under Armour reported a net loss and revenue decline, while Allbirds narrowed its net loss but lowered full-year 2025 revenue guidance. Crocs outperformed expectations but faced challenging third-quarter guidance. The companies are investing in sustainability initiatives, product innovation, and new materials to adapt to market pressures.