Under Armour says co-founder Kip Fulks taking sabbatical

Fulks most recently served as a strategic adviser and was previously its chief product officer. The news was first reported by Wall Street Journal, citing people familiar with the matter.

The newspaper also said the company is considering exiting its smaller sports categories to combat slowing industry sales.

A company spokeswoman however declined to comment on this as the company was in quiet period before reporting earnings next week.

The categories Under Armour is considering exiting include tennis, outdoor gear and fishing, the newspaper reported.

However the company's endorsement deals with top tennis players, including Andy Murray, aren't expected to be affected by the potential move, WSJ reported, citing a person familiar with the matter. [http://on.wsj.com/2yLpEkY]

Under Armour had previously said it would cut 2 percent of its workforce across its operations and close stores as the company struggles in a fast-changing and fiercely competitive U.S. sportswear market.

Shares of the company fell more than 3 percent following the report.

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)