Under Armour (UAA) just laid a goose egg.

Shares of the struggling athleticwear maker plunged 10.4% Tuesday as execs took the wraps off of a major corporate restructuring. The company also slashed its full-year profit outlook to $280 million-$300 million from $320 million previously. 

Here are some potential boons and pitfalls that could help or hurt Under Armour in the back half of 2017. 

Meanwhile, Under Armour spokesman Stephen Curry is making bank: 

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Steph Curry 4

Steph Curry 4s.
Steph Curry 4s.

The debut of the Steph Curry 2 in 2015 sparked a revolution at Under Armour. The success of the shoe introduced the apparel maker as a serious player in the lucrative footwear market. 

Watch: The Problem With Under Armour's Stephen Curry Sneakers: If You Have One, You Have Them All

The introduction of the shoe, and Curry's runaway success as the reigning NBA MVP, helped Under Armour push past $1 billion in quarterly sales. However, the follow-up Steph Curry 3s did not receive the same fanfare or critical acclaim as its predecessor. 

However, with Steph Curry returning to the winners' circle as an NBA champion and new sleeker design to replace the bulky Curry 3s, Under Armour is in position to retake some of the market share it lost with the Curry 4 which is slated to debut in October. 

Competition Catch 22

Puma, along with Adidas, has derailed some of UAA's growth ambitions.
Puma, along with Adidas, has derailed some of UAA's growth ambitions.

Under Armour's place in the athletic apparel pantheon was hurt most by the reemergence of German brands Adidas (ADDYY) and Puma in recent quarters. Adidas, in particular, has had a meteoric resurgence in popularity. 

Adidas top-line growth is still accelerating, continuing several quarters of growth.

Watch: Adidas Is Crushing Its Rivals Nike and Under Armour

Additionally, some of the company's retail partners have begun offering their own private label apparel offerings that could compete with Under Armour.

Adidas Is Slowing Down

Adidas has bounced back thanks in part to Kanye West's line of shoes.
Adidas has bounced back thanks in part to Kanye West's line of shoes.

However, Adidas momentum is beginning to wane, according to analysts at Jefferies. 

"2016 was a bad year for UAA and (NKE) , and Adidas was the culprit. The brand got hot, forcing retailers to chase Adidas and reduce orders of UAA and NKE," a recent note said. "Our checks show that Adidas brand heat, while still strong, is not accelerating further (especially in apparel) which will help UAA in the coming quarters."

New Distribution Channels

Under Armour clothes are now available in Kohl's.
Under Armour clothes are now available in Kohl's.

Under Armour signed a distribution deal with retailer Kohl's Corp. (KSS) , which has been met with some skepticism by the market. 

"The Kohl's negativity makes no sense. The market is quick to say UAA in KSS is bad. This is nonsensical given NKE and Adidas also sell into KSS. Frankly, we believe there is too little focus on the lower door penetration of UAA relative to NKE/Adidas, which bodes well for UAA," Jefferies analyst Randal J. Konik wrote. 

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