Under Armour plans to cut about two percent of its workforce as it restructures its business. The company said earnings for the year should now fall between 37 and 40 cents per share, below the 42 cents expected by analysts. Under Armour now expects sales to increase between nine and 11 percent this year, which is below the 11 to 12 percent range guidance it had previously given. The company’s shares fell 4 percent in premarket trading on the news.