Beneath Armor (UAA) experiences extra revenue within the third quarter of 2020
The products will be on display in an Under Armor store in New York City on November 4, 2019.
Brendan McDermid | Reuters
Under Armor reported sales on Friday that were roughly unchanged from last year. Earnings estimates were ahead of estimates as consumers stocked up on the brand’s sneakers and exercise equipment.
Chief Executive Patrik Frisk noted higher demand for the sportswear manufacturer’s products during the coronavirus pandemic, particularly in North America, because of better-than-expected performance.
The company anticipates full year sales will decrease by a large percentage as it sells fewer products through department stores and budget retailers. Analysts had called for a decline of 25.7%.
Under Armor stocks rose more than 7% in premarket trading.
Here’s how the company performed in the third quarter of the fiscal year compared to analyst expectations based on refinitive data:
- Earnings per share: 26 cents, adjusted compared to 3 cents, expected
- Revenue: $ 1.43 billion versus $ 1.16 billion expected
For the quarter ended September 30, Under Armor’s net income shrank from $ 102.3 million, or 23 cents per share, to $ 38.9 million, or 9 cents per share, last year. Excluding one-off costs, 26 cents per share were earned, which Refinitiv estimates exceeded expectations of 3 cents.
Revenue was roughly unchanged from a year ago at $ 1.43 billion, beating estimates of $ 1.16 billion.
In North America, sales decreased 5% to $ 963 million, while international sales increased 18% to $ 433 million.
Apparel sales decreased 6% to $ 927 million, while footwear sales increased 19% to $ 299 million and accessories sales increased 23% to $ 145 million.
Under armaments, profits were down about 36% at the close of Thursday this year. The company has a market capitalization of $ 6.3 billion.
The full press release on the result can be found here.
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