After elevating Under Armour's position in the basketball footwear market for the past two seasons, the novelty of Stephen Curry's signature line may have already worn off.
Fortune says Foot Locker Chairman and CEO Dick Johnson expressed some concern about the Under Armour Curry 3 following a slower than expected start at the registers during a presentation with analysts yesterday.
“The 2.0 and 2.5 Curry shoes in the third quarter performed well," said Johnson. "The 3.0 is fairly new into the business. It started off a bit slower than the two previous models.”
After that revelation, Under Armour's shares dropped more than 5%, one of Friday's worst declines among the S&P 500 index. This continues a recent trend of company stock hits, following a strong start to the year.
Over the summer, the Curry line made headlines as social media took aim at the "Chef" Curry 2 Low, calling it a sneaker for dads or nurses. Despite all of the negative press, the company line was that the jokes were actually helping with sales.
It's worth mentioning that Johnson also expressed some optimism, saying that it's still early in the Curry 3 launch. For Under Armour, a lot hinges on the success of Curry sneakers, as they fight for shares in a market long-dominated by Nike and LeBron James.
