Under Armour's 1Q Revenue Jumps 30%
Under Armour reported better-than-expected quarterly profit and sales, helped by strong demand for its sports apparel and launches of new shoes endorsed by NBA star Stephen Curry and golfer Jordan Spieth.
Shares of the No. 2 U.S. sportswear maker, which also raised its full-year 2016 sales forecast, were up 2.4 percent in premarket trading on Thursday.
Under Armour's sales of sports and outdoor apparel rose 20 percent to $666.6 million in the first quarter ended March 31, driven by demand for training and golf clothing. Apparel accounts for more than 60 percent of the company's total revenue.
Footwear sales jumped 64 percent to $264.2 million, driven by strong demand for Speedform Apollo running shoes, Curry One and Curry Two basketball shoes and Drive One golf shoes.
Under Armour raised its full-year sales forecast to around $5.0 billion from about $4.95 billion.
The company's net income rose to $19.2 million, or 4 cents per share, from $11.7 million, or 3 cents per share, a year earlier.
Revenue rose 30 percent to $$1.05 billion.
Analysts on average expected 2 cents on revenue of $1.04 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Ramkumar Iyer in Bengaluru; Editing by Anil D'Silva)