Under Armour Q3 profit rises
A lower-than-expected tax rate and strong apparel sales helped Under Armour (NYSE: UA) post a 33-percent increase in net income for the third quarter.
For the quarter ended Sept. 30, earnings were $34.9 million, or $0.68 per share, compared with $26.2 million, or $0.52 per share, a year earlier.
Revenue climbed 22 percent to $328.6 million from $269.5 million as sales of its men’s, women’s and youth clothing improved, it said.
Direct-to-consumer revenue — which makes up 18 percent of total revenue — grew 47 percent. Footwear revenue fell to $26.5 million from $33 million.
For 2010, Under Armour said it now expects earnings between $1.23 and $1.24 per share on revenue of $1.03 billion to $1.04 billion. It also said its 2011 earnings per share and revenue should both rise at the higher end of its long-term target of 20 percent to 25 percent.
–Compiled by Wendy Geister
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.outsidebusinessjournal.com/cgi-bin/snews/stock_report.html.