Under Armour Q1 profit leaps
Under Armour (NYSE: UA) recorded an 80-percent surge in its first-quarter profit, helped by a 31-percent rise in apparel revenues, as well as strong sales at its online and factory stores.
Earnings for the quarter ended March 31 were $7.2 million, or $0.14 per share, compared with $4 million, or $0.08 per share, a year earlier.
Revenue for the period improved to $229.4 million from $200 million.
The company said direct-to-consumer revenue jumped 73 percent on increased sales online and at its factory stores.
Apparel sales were $172.6 million compared with $132.2 million in the same period of the prior year, while footwear revenue fell to $43 million from last year’s $56.9 million. The company had previously cautioned that footwear would likely drop this year when compared with the prior-year period.
Looking ahead, Under Armour now expects 2010 profit between $1.05 and $1.07 per share, a 14-percent to 16-percent increase from year-ago results. Its previous guidance was for earnings to climb 10 percent to 12 percent from last year.
The retailer predicts revenue in a range of $965 million to $985 million, up from a prior forecast for revenue between $945 million and $960 million.
GSI narrows Q1 loss
GSI Commerce (Nasdaq: GSIC) said it narrowed its loss for the first quarter as revenue rose.
Net loss was $8.1 million, or $0.13 per share, compared to net loss of $12.1 million, or $0.25 per share, in the same period last year.
Revenues for the quarter ended April 3 were $272.6 million compared to $196.5 million last year.
“The year got off to a strong start for GSI with better than expected top and bottom line results in the first quarter,” said Michael Rubin, GSI’s chairman and CEO, in a statement. “The key drivers to the upside were strong comparable store e-commerce trends and continued momentum in marketing services.”
Looking ahead, the company expects second-quarter revenues of $260 million and loss from operations of $20.9 million. For the year, it anticipates revenues of $1.3 billion and income from operations to be $15.6 million.
–Compiled by Wendy Geister
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