Under Armour (NYSE:UA) on Tuesday reported fiscal second-quarter profit and sales that topped analysts’ estimates as its turnaround efforts took hold and shoppers bought more of its merchandise at full price.
The athletic apparel and footwear retailer has evolved its business to rely less on discounters and department stores and more on its own stores and online.
Under Armour raised its full-year outlook, anticipating that even greater momentum will build. It expects fiscal 2021 revenue to rise at a low-20s percentage, compared with a previous forecast of a high-teen percentage increase.
'In the quarter ended June 30, Under Armour swung to a profit of $59.2 million, or 13 cents per share, from a loss of $182.9 million, or 40 cents per share, a year earlier. Excluding one-time charges, the company earned 24 cents per share. Analysts surveyed by Refinitiv had been looking for 6 cents.
Revenue climbed 91% to $1.35 billion from $707.6 million a year earlier, beating estimates for $1.21 billion.
Sales in North America, its largest region, rose 101% year over year to $905 million, while international revenue doubled to $446 million.
UA shares gained 52 cents, or 2.9%, to $18.62.
