Under Armour Inc. CEO Kevin Plank was not ready to declare victory on Tuesday as shares of the sportswear maker surged more than 25 percent in trading.
It’s no secret that the last two years have been difficult for Baltimore-based Under Armour as it has dealt with slowing sales growth in North America and a backlog of inventory. Former Aldo CEO Patrik Frisk came on board as president last year and has been working hand-in-hand with Plank on a “transformation” of Under Armour that has included employee turnover, layoffs, new systems and other changes aimed at making the company more operate more efficiently.
Plank and Frisk have said on prior calls this year that the company was making progress on goals. Wall Street finally started buying in after Under Armour reporting strong third-quarter results. The company beat profit and revenue projections while reducing its inventory more than expected. Analyst after analyst congratulated Under Armour on its results during the latest conference…Read the full story from the Washington Business Journal.