Under Armour’s Quarterly Report Beats Estimates, Sends Stock Soaring
Under Armour’s first-quarter earnings have wildly surpassed Wall Street’s expectations. The sportswear brand reported sales of $1.21 billion in the last quarter. The positive report allowed Under Armour to raise its profit outlook for the fiscal year. Shares were up seven percent following the announcement. However, Under Armour’s sales are still considered weak in North America, and most of its sales come from overseas.
The company has been grappling with how to grow U.S. sales amid a landscape flush with competition from Adidas, Nike and Lululemon.