Earnings

Under Armour shares initially jumped more than 5 percent on Tuesday after the athletic apparel maker reported better-than-expected fourth-quarter earnings and sales.

The sneaker maker earned 9 cents a share on an adjusted basis, topping expectations of 4 cents, based on a poll by Refinitiv.

Sales during the quarter were $1.39 billion, again ahead of expectations for $1.38 billion.

In the U.S., Under Armour said sales fell 6 percent during the fourth quarter to $965 million, while international sales climbed 28 percent on a currency neutral basis to $395 million and now account for 28 percent of total revenue.

It said apparel sales were up 2 percent, fueled by its training business. Footwear sales were down 4 percent, as Under Armour said it sold less shoes in discount stores during the holiday period. Accessories sales declined 2 percent.

Under Armour shares have climbed more than 50 percent from a year ago.

This is a developing story. Please check back for updates.

Products You May Like

Articles You May Like

J&J’s first-quarter earnings drop 14% as legal costs soar
Walmart is launching its first subscription box for apparel. And this one’s for kids
Even the wealthy might not have enough saved for retirement
Skip that avocado toast … 60% of millennials don’t have $500 to cover their tax bill: Survey
Tech stocks are best positioned this earnings season, says analyst Nick Colas

Leave a Reply

Your email address will not be published. Required fields are marked *