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Rachz
2021-05-04

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Under Armour first-quarter sales top estimates, retailer hikes full year outlook

KEY POINTS Under Armour reported first-quarter sales and earnings that topped analysts’ estimates.

Under Armour first-quarter sales top estimates, retailer hikes full year outlook

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Excluding one-time charges, the company earned 16 cents per share, better than the 3 cents that analysts were anticipating, based on Refinitiv estimates.\nSales rose to $1.26 billion from $930.2 million a year earlier, beating estimates for $1.13 billion.\nUnder Armour said it now expects full-year revenue to rise by a high-teen percentage rate, compared with a previous outlook of a high-single-digit increase.\nIt’s calling for 2021 adjusted earnings per share to be in the range of 28 cents to 30 cents, compared with a prior range of 12 cents to 14 cents.\nCEO Patrik Frisk noted the company is seeing strong demand for the brand, as business rebounds across Asia and North America. In the year-ago period, Under Armour’s sales tumbled more than 20%, as its business took a blow from the coronavirus pandemic and its stores were forced shut, freezing turnaround plans.\nOn Monday, Under Armour said it agreed to pay the Securities and Exchange Commission $9 million to settlecharges that it mislead investorsfrom 2015 to 2016 by recording $408 million in sales that it expected to complete in future quarters.\nThe retailer settled the charges without admitting or denying the findings in the SEC’s order. Under Armour had also been responding to requests for documents and information from the U.S. Department of Justice, and said Monday that it hasn’t received any requests from the DOJ since the second quarter of 2020.","news_type":1},"isVote":1,"tweetType":1,"viewCount":212,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}