Under-Armour-shoe-display
An Under Armour running shoe display featuring Ironman Triathlete Chris McCormack.

Rick Maiman/AP

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Under Armour posted better-than-expected earnings in the first quarter of 2017, but it wasn’t all good news.

The athletic wear brand posted its first-ever operating loss of $2.3 million — or a penny a share.

The real trouble: nobody is buying Under Armour shoes.

Shoe sales —a key statistic for future growth for the company as it tries to morph into a lifestyle brand — have ground to a virtual halt, posting only a 2% increase in sales this year. That compares with 64% growth last year.

“We don’t like it, and we don’t accept it,” Under Armour CEO Kevin Plank told an analyst asking about the shoe revenue growth number on the earnings conference call.

A year ago, Under Armour’s future as a shoe powerhouse looked bright.

Its signature line with basketball hotshot Steph Curry was flying off shelves. But after the release of the Curry 3 last year, sales of Under Armour shoes softened drastically, and customer interest in basketball shoes started to fizzle.

Only time will tell if Under Armour can return its shoe business to the growth of a year ago, but it doesn’t bode well that…