Proactive Investors - Under Armour Inc (NYSE:UAA) (NYSE:UA) shares jumped early on Thursday after the sporting apparel retailer reported third-quarter profit ahead of expectations.
Net income was down 6% at US$114.1 million for the three months to December, falling from US$0.27 to US$0.26 per share, Under Armour reported on Thursday.
On an adjusted basis, per-share earnings sat at US$0.19, above FactSet consensus expectations of US$0.11.
This proved to outshine missed revenue expectations, with the figure coming in at $1.486 billion, compared to an anticipated US$1.503 billion.
“Despite a mixed retail environment during the holiday season, our third quarter revenue results were in line with our expectations,” chief executive Stephanie Linnartz said.
“We were able to deliver better than anticipated profitability and remain on track to achieve our full-year outlook.”
Linnartz had warned earlier in the year that inflation and subdued consumer confidence were hitting Under Armour’s wholesale business and future order book.
Revenue is expected to dip between 3% and 4% over the year, the company said in the update, with operating income tipped between US$287 million to US$297 million, compared to US$284 in 2023.
Shares climbed 4.5% to US$8.13.