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UPDATE 1-Under Armour slashes 2017 forecast, revenue falls

(Adds details, updates share price)

Oct 31 (Reuters) - Under Armour Inc slashed 2017 sales and profit forecasts and reported its first year-on-year fall in revenue in the third quarter as it took an $85 million charge for restructuring and faced fierce competition from Nike and Adidas.

Excluding certain items, earnings for the producer of Stephen Curry basketball shoes came in at 22 cents per share, beating analysts' average estimate of 19 cents.

But shares in the company, which have already halved this year, fell another 13 percent to $14.3 in premarket trading.

Under Armour said it expects a percentage rise for its full-year revenue in the low single-digits, compared to a previous forecast of growth of 9-11 percent.

The company also said it expected its 2017 adjusted earnings to be from 18 cents to 20 cents per share, compared to previous expectations of 37 cents to 40 cents.

It reported a 4 percent dip in revenue to $1.41 billion, its first decline in revenue since it floated in 2005. Analysts on average had expected $1.48 billion, according to Thomson Reuters I/B/E/S.

The company reported a net profit of $54.2 million, or 12 cents per Class C share, in the third quarter ended Sept. 30, compared with $128.2 million, or 29 cents, a year earlier.

That reflected the $85 million charge taken for restructuring plans announced in August. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Saumyadeb Chakrabarty)