Under Armour on Tuesday raised its sales and profit outlook for the full year, as the sports apparel maker sees demand for its brand roaring back with shoppers returning to its stores.
It reported first-quarter sales growth of 35%, topping analyst expectations. The company is lapping a period a year earlier when its stores were temporarily shut, and Under Armour had to turn to layoffs and other cost-cutting measures to fight through the health crisis.
Its stock jumped more than 3% in premarket trading.
Here’s how the company did during its quarter ended March 31 compared with what analysts were anticipating, based on a Refinitiv survey:
Earnings per share: 16 cents adjusted vs. 3 cents expected
Revenue: $1.26 billion vs. $1.13 billion expected
Under Armour’s net income grew to $77.8 million, or 17 cents per share, compared with a loss of $589.7 million, or $1.30 per share, a year earlier. Excluding one-time charges, the company earned 16 cents per share, better than the 3 cents that analysts were anticipating, based on Refinitiv estimates.
Sales rose to $1.26 billion from $930.2 million a year earlier, beating estimates for $1.13 billion.
In North America, sales were up 32%, while they grew 58% in Under Armour’s smaller international division, boosted by recoveries in markets that include China.