Under Armour (NYSE: UAA) on Tuesday reported stronger sales for the first quarter than analysts were anticipating, boosted by the retailer's international business and growth within the apparel category.
For the period ended March 31, the company registered zero cents earning per share, adjusted, vs. a loss of five cents per share expected in a survey of analysts
Revenue came in at $1.2 billion vs. $1.12 billion expected.
Under Armour's net loss widened to $30.2 million, or seven cents a share, from $2.3 million, or a penny per share, one year ago. The company said it had restructuring costs of $37.5 million during the quarter.
Excluding one-time items, Under Armour broke even for the quarter on a per share basis, which was better than the five-cent loss expected by analysts.
Under Armour's sales climbed 6% to $1.19 billion from $1.12 billion a year ago, again topping analysts' expectations. Sales in North America fell 0.4%, while those in international markets climbed 27%, now representing 24% of Under Armour's total sales.
Apparel sales jumped 7%, driven by strength in men's training, Under Armour said. Footwear sales were up 1%, while accessories sales grew 3% during the quarter.
CEO Kevin Plank said Tuesday the company is "confident" it will meet full-year targets announced back in February. The retailer is expecting sales to increase at a low single-digit percentage rate, fueled by growth outside the U.S. of more than 25%.
UAA shares opened Tuesday and the month of May at $16.71, down $1.05, or 5.9% from Monday’s close.
