Sales for Steph Curry's third signature shoe, the Curry 3's, have been less than stellar according to Under Armour CEO Kevin Plank, who admitted Thursday that Curry's current sneaker sales have been disappointing.
During the company's earnings call, Plank admitted that the third installment in the Curry shoe range didn't perform as well as they hoped on store shelves.
"Our success in basketball hasn't been without its learning. 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."
Plank also said that Under Armour reported it's first quarterly loss as a public company in their brand's history, something that doesn't bode well going forward.
With each subsequent release of a Curry signature shoe, each release has been more expensive than the last. The price for the Curry One, which debuted in the spring of 2015, was $120. Prices then crept up for the Curry Two ($130), Curry 2.5 ($135) and the Curry 3 ($140). This may have played a role in the low sales figures for the newest shoe.
With underperforming sales, the problem of leftover stock became an issue for many shoe retailers around the world, as they had ordered more pairs of the Curry 3's than they were selling, resulting in many stores discounting the shoe to $99.99, a 30 percent dip from their original price.
Many can assume that the Curry 3's high profile design (Created to give Steph more ankle support when on the court, as he has a history of ankle issues.) has led to such poor sales, as nearly 80% of consumers wear basketball shoes for fashion, not for on-court performance, resulting in low profile shoes being more popular overall.
Despite the company's first quarterly loss and the unfortunate news on the Curry 3, Under Armour's earnings report was better than financial analysts and shareholders predicted, so maybe Kevin Plank and the UA executives don't have to worry about Curry's poor shoe sales, they seem to be doing quite okay regardless.