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Author: Alan LittleDate: 2021-08-04

Under Armour (UAA) +5% after “better than expected” Q2

Under Armour (UAA) said that sales soared in North America and international markets amid strong demand for gym wear as its shares climbed 5% in New York on Tuesday.

Under Armour (UAA) said that its Q2 was “better than expected” as earnings and revenue flew past the Wall Street consensus and sent the sports equipment company’s shares 5% higher in trading on Tuesday.

For the three months to 30th June, Under Armour came in with $0.24 earnings per share, which beat the pre-report forecasts by 18 cents.

The popularity of Under Armour’s clothing and footwear also boosted top line as revenue jumped 91% to $1.35bn to comfortably surpass the $1.21bn estimates.

Growth was evident across the Maryland-based company’s channels, though ‘wholesale’ was particularly strong after rising 157% to $768m.

Sales in both North America and international markets doubled in Q2 to $905m and $446m, respectively.

Under Armour noted that its apparel segment grew 105% as consumers bought new garments following the reopening of gyms in the US and Europe.

CEO Patrik Frisk said that he was “very pleased” with the performance and attributed it to the “solid progress” made since 2019.

He now believes that Under Armour is ready for the “next chapter of profitable growth”.

BMO Capital Markets analyst Simeon Siegel said that the company is on track for “multi-year success” after making the right changes during the pandemic.

Under Armour CFO David Bergman highlighted several headwinds for the remainder of 2021, including supply chain challenges and a weakness in off-price channels.

However, the firm remains very optimistic about the future and saw fit to raise its adjusted earnings guidance for the year from $0.28-$0.30 to $0.50-$0.52, which is better than the $0.35 consensus.

Under Armour has made gains of 23% on the stock market this year and it rose a further 5% to $22.32 early in New York on Tuesday.

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