Under Armour's strong footwear sales help drive earnings beat
Products are displayed in an Under Armour store in New York City, November 4, 2019.Brendan McDermid | ReutersUnder Armour on Friday reported revenue about flat with a year earlier, with earnings topping estimates, as consumers stocked up on the brand's sneakers and workout gear.
Chief Executive Officer Patrik Frisk cited higher demand for the athletic apparel maker's products during the coronavirus pandemic, especially in North America.
Under Armour shares jumped more than 7% in premarket trading.
Here's how the company did during its fiscal third quarter, compared with what analysts were expecting, based on Refinitiv data:
- Earnings per share: 26 cents, adjusted, vs. 3 cents, expected
- Revenue: $1.43 billion vs. $1.16 billion, expected
Under Armour earnings as of Thursday's market close are down about 36% this year. The company has a market cap of $6.3 billion.
Find the full earnings press release here.
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