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.

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