Under Armour Shows Signs of Improvement

Under Armour Inc. is continuing to make progress with its turnaround plan as it strives to catch up with its competitors and move away from discounts. The Baltimore-based ath-leisure brand’s first quarter net income was $22 million, or 5 cents per share, compared to a loss of $30.2 million, or 7 cents per share, a year earlier. Analysts at Factset had predicted break even. At the same time, net revenue was up 2 percent to $1.2 billion, just beating analysts’ expectations for $1.18 billion. Within that, it was a mixed bag, with North America revenue decreasing 3 percent to $843 million and the international business up 12 percent to $328 million. For the fiscal year as a whole, revenue is expected to be up about 3 to 4 percent reflecting relatively flat results for North America and a low double-digit percentage rate increase in the international business. Earnings per share should be in the region of between 33 cents and 34 cents, higher than the previously expected 31 cents to 33 cents. “Our first quarter results demonstrate our unwavering commitment to protecting and growing our premium performance athletic brand through a disciplined go-to-market process that delivers innovative products and experiences to make athletes better,” said Under

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