Performance wear specialist Under Armour has reiterated its previously issued earnings and sales outlook for 2016, despite one of its longest standing customers entering Chapter 11 Bankruptcy. 

Under Armour said The Sports Authority is a "long-standing customer" of the company and that it would support the retailer through its restructuring, offsetting any impact through continued sales to the company and through other channels and customers.

Sports Authority filed for Chapter 11 bankruptcy protection earlier this week, saying it would close around 140 of its 450 store estate. 

Under Armour said it does not currently believe the exposure to its receivables from The Sports Authority is materially impacted by these developments, and that it will "continue to monitor the proceedings and its related impact during the first quarter of 2016".

Based on current visibility, the sportswear giant said it continues to expect 2016 net revenues of around US$4.95bn, representing growth of 25% over 2015. Operating income is expected at around $503m, representing growth of 23% over 2015, in line with previous guidance. 

Last month, Under Armour defended questions over the competitive positioning of its footwear and women's wear categories, and the potential maturity of its domestic business. It came as the group posted its best quarterly growth of the year.

Under Armour defends questions over strategy