Sports apparel retailer Under Armour Inc. reported first-quarter revenue that fell by 23% year over year as a result of store closures due to coronavirus. There may be worse to come, with CEO Patrik Fisk saying that "not only are there meaningful shifts in demand, but we're also seeing significant swings in supply due to factory closures."

A restructuring over the past two years that has led to supply chain "changes will certainly help us as we manage through these disruptions," Fisk said. Nonetheless, Fisk flagged that 80% of its global business has been "at a standstill" since mid-March, cutting the need for product shipments.

The company's revenue in North America fell 28%, with half that drop due to store closures related to coronavirus in the last two weeks of March. Most stores remain closed, and the firm expects its second-quarter group revenue to fall by 50% to 60%, according to CFO David Bergman.

As of the first quarter, however, Under Armour had not cut back the flow of inventory to its U.S. business. Panjiva's data shows that U.S. seaborne imports linked to the company surged 25.9% higher year over year in the first quarter as the result of a jump in shipments from Central America. That likely explains, in part, the 7.4% rise in inventories on the firm's balance sheet despite the slump in sales.

A decline in shipments has begun in April, though, with shipments linked to the company having fallen by 6.5%, including a 22.9% slide in shipments from China and a 23.1% drop in imports from Vietnam.

Under Armour has also been slower than some of its peers at cutting back imports in April with imports that fell by just 6.5% year over year.

While adidas AG has committed to supporting its supply chain more broadly, as outlined in Panjiva's research of April 30, there has nonetheless cut back with U.S. seaborne imports linked to the company and its products having fallen by 23.4% year over year in April.

Meanwhile, imports linked to running specialist Brooks Sports, part of the Berkshire Hathaway Inc. group, dropped by 28.4% in April after rising 8.5% in the first quarter.

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Christopher Rogers is a senior researcher at Panjiva, which is a business line of S&P Global Market Intelligence, a division of S&P Global Inc. This content does not constitute investment advice, and the views and opinions expressed in this piece are those of the author and do not necessarily represent the views of S&P Global Market Intelligence. Links are current at the time of publication. S&P Global Market Intelligence is not responsible if those links are unavailable later.