Under Armour (NYSE: UAA) shares soared after the company reported sales that topped analysts' expectations, fueled largely by growth outside of North America.
The company said total revenue in the fourth quarter climbed 5% to $1.37 billion. Analysts were expecting $1.31 billion. Sales in international markets climbed 47%, representing 23% of total sales.
UA reported a net loss of $88 million, or 20 cents a share, compared with net income of $103 million, or 23 cents per share, a year ago. The company had incurred a one-time charge of $39 million in the quarter due to new U.S. tax legislation.
Excluding one-time items, Under Armour broke even on a per-share basis, in line with analyst estimates.
Late in 2017, Under Armour reported third-quarter sales that fell short of analysts' expectations as the company booked an $85 million charge for restructuring efforts. It has since trimmed about 2% of its global workforce and has considered exiting smaller categories, such as fishing.
The Baltimore-based retailer has suffered in North America, where demand for its apparel merchandise hasn't been as strong. That's against a backdrop of brands such as Adidas, Nike (NYSE: NKE), Lululemon (NASDAQ: LULU) and upstarts like Outdoor Voices stealing market share.
In the fourth quarter, though, which includes the holiday season, Under Armour managed to sell more apparel, footwear and accessories. Revenue in apparel climbed 2.5%, in footwear, 9.5%, and in accessories, 6.1%. The company said its strongest businesses include men's training and running shoes.
Shares approached noon hurtling upward $1.92, or 14.5%, to $15.10.
