Shares of Under Armour Inc. spiked by almost 9% on Tuesday morning after the sportswear maker beat Wall Street expectations for profit and sales in the third quarter and raised its full-year guidance.
Baltimore-based Under Armour reported its profit almost tripled in the third quarter to $113.4 million, or 24 cents per share, compared to $39 million, or 9 cents per share, a year ago. Adjusting for the impact of a restructuring plan implemented last year, Under Armour’s quarterly profit grew 22.6% to $144.8 million, or 31 cents per share, from $118.1 million, or 26 cents per share, in the year-ago quarter.
Sales during the third quarter rose 8% to $1.55 billion, compared to $1.43 billion in the year-ago period. Under Armour saw wholesale revenue increase 10% to $911 million during the back-to-school shopping period. Direct-to-consumer sales also rose 12% to $604 million due to strong performance at the company’s owned and operated stores, while e-commerce sales declined by 4%.
Under Armour…
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