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Underneath Armour shares rise as retailer hikes full-year outlook, sees demand returning

Customers cross an Underneath Armour retailer in White Plains, New York.

Scott Mlyn | TSTIME

Underneath Armour on Tuesday reported first-quarter earnings and gross sales that topped estimates, and the sports activities attire maker hiked its gross sales and revenue outlook for the total yr.

Its inventory jumped greater than 3% in premarket buying and selling.

Here is how the corporate did throughout its quarter ended March 31 in contrast with what analysts have been anticipating, primarily based on a Refinitiv survey:

  • Earnings per share: 16 cents adjusted vs. 3 cents anticipated
  • Income: $1.26 billion vs. $1.13 billion anticipated
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Underneath Armour’s internet revenue grew to $77.8 million, or 17 cents per share, in contrast with a lack of $589.7 million, or $1.30 per share, a yr earlier. Excluding one-time fees, the corporate earned 16 cents per share, higher than the three cents that analysts have been anticipating, primarily based on Refinitiv estimates.

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Gross sales rose to $1.26 billion from $930.2 million a yr earlier, beating estimates for $1.13 billion.

Underneath Armour mentioned it now expects full-year income to rise by a high-teen proportion fee, in contrast with a earlier outlook of a high-single-digit improve.

It is calling for 2021 adjusted earnings per share to be within the vary of 28 cents to 30 cents, in contrast with a previous vary of 12 cents to 14 cents.

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CEO Patrik Frisk famous the corporate is seeing robust demand for the model, as enterprise rebounds throughout Asia and North America. Within the year-ago interval, Underneath Armour’s gross sales tumbled greater than 20%, as its enterprise took a blow from the coronavirus pandemic and its shops have been pressured shut, freezing turnaround plans. 

On Monday, Underneath Armour mentioned it agreed to pay the Securities and Alternate Fee $9 million to settle fees that it mislead traders from 2015 to 2016 by recording $408 million in gross sales that it anticipated to finish in future quarters.

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The retailer settled the fees with out admitting or denying the findings within the SEC’s order. Underneath Armour had additionally been responding to requests for paperwork and knowledge from the U.S. Division of Justice, and mentioned Monday that it hasn’t obtained any requests from the DOJ for the reason that second quarter of 2020.

Discover the total earnings press launch from Underneath Armour right here.

This story is creating. Please examine again for updates.

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