The products will be on display in an Under Armor store in New York City on November 4, 2019.
Brendan McDermid | Reuters
Under armor On Friday, sales were recorded that remained roughly unchanged compared to the previous year. Estimates were above estimates as consumers stocked up on the brand’s sneakers and exercise equipment.
Chief Executive Patrik Frisk referred to the higher demand for the sportswear manufacturer’s products during the Coronavirus pandemic, especially in North America, for better than expected performance.
The company anticipates full year sales will decrease by a large percentage of teenagers as it sells fewer products through department stores and budget retailers. A 20% to 25% decrease had previously been requested. The new outlook is still down, but better than the 25.7% decline forecast by analysts.
Under Armor stocks rose more than 7% in premarket trading.
Here’s how the company performed in the third quarter of the fiscal year compared to analyst expectations based on refinitive data:
- Earnings per share: 26 cents, adjusted compared to 3 cents, expected
- Revenue: $ 1.43 billion versus $ 1.16 billion expected
For the quarter ended September 30, Under Armor’s net income shrank from $ 102.3 million, or 23 cents per share, to $ 38.9 million, or 9 cents per share, last year. Excluding one-off costs, 26 cents per share were earned, which Refinitiv estimates exceeded expectations of 3 cents.
Revenue was roughly unchanged from a year ago at $ 1.43 billion, beating estimates of $ 1.16 billion.
In North America, sales decreased 5% to $ 963 million, while international sales increased 18% to $ 433 million.
Apparel sales decreased 6% to $ 927 million, while footwear sales increased 19% to $ 299 million and accessories sales increased 23% to $ 145 million.
Under armaments, gains were down about 36% at the close of Thursday this year. The company has a market capitalization of $ 6.3 billion.
This story evolves. Please try again.