Under Armour ekes out profit instead of expected loss as revenue tops estimates – MarketWatch
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” : ‘int.’; const loginBaseUrl = LOGIN_URL[pageSiteProduct]; const loginUrl = `https://${loginUrlPrefix}${loginBaseUrl}/google-login`; const targetUrl = new URL(window.location.href); targetUrl.searchParams.set(‘isGaa’, true); fetch(registerEndpoint, { method: ‘POST’, body: JSON.stringify({ id_token: credential?.credential, displayContextId: ‘SOCIAL_CONNECT’, returnUrl: window.location.href.split(‘?’)[0], editionId: `${EDITION_ID[pageSiteProduct]}`, registrationSource: `${REGISTRATION_SOURCE[pageSiteProduct]}` }), headers: { ‘content-type’: ‘application/json’, } }) .then((response) => { if (!response.ok) { console.error(‘GoogleEA: Social Connect Invalid Status Code’); return; } return response.json(); }) .then((userState) => { if (!userState) { console.error(‘GoogleEA: Social Connect No Data’); return; } window.location.href = `${loginUrl}?target=${encodeURIComponent(targetUrl)}`; }) .catch((err) => { console.error(`GoogleEA: Social Connect Err: ${err}`); }); } }; })() ]]]]]]]]>]]]]]]>]]]]>]]>
Last Updated: Aug. 8, 2023 at 11:39 a.m. ET First Published: Aug. 8, 2023 at 7:06 a.m. ET
Under Armour maintained its outlook for fiscal 2024
Under Armour reported fiscal first-quarter results Tuesday (Photo by Justin Sullivan/Getty Images)
[]Under Armour Inc. blew past earnings estimates for its fiscal first quarter on Tuesday, posting a small profit instead of an expected loss, and said it was making no changes to the guidance provided in May.
[]The Baltimore-based sporting-goods retailer said it had a net income of $8.549 million, or 2 cents a share, for the quarter to June 30, up from $7.682 million, or 2 cents a share, in the year-ago period. Revenue fell to $1.317 billion from $1.349 billion a year ago. The FactSet consensus was for a loss of 2 cents a share and revenue of $1.294 billion.
[]Under Armour’s wholesale revenue decreased 6% year-over-year to $742 million, and direct-to-consumer revenue increased 4% to $544 million due to a 6% increase in e-commerce revenue, the company said. North America revenue decreased 9% to $827 million, and international revenue increased 12% to $485 million.
[]Related: Under Armour’s new CEO says women will be a key target customer
[]“Our international and direct-to-consumer businesses, both of which realized solid growth in the quarter, continue to deliver aside a challenging consumer retail environment in North America,” Chief Executive Stephanie Linnartz said in a statement. “Based on this performance, we are maintaining our outlook for fiscal 2024.”
[]The company’s inventory was up 38% year-over-year to $1.3 billion, after rising 44% year-over-year to $1.2 billion during the prior quarter. Under Armour exited its fiscal first quarter with cash and cash equivalents of $704 million.
[]Under Armour said it is still expecting fiscal 2024 revenue to be flat to slightly higher and for EPS to range from 47 cents to 51 cents.
[]Related: Under Armour stock reverses lower as high promotions and discounts to continue as inventories keep rising
[]The class C shares UA, +0.85% fell 0.4% Tuesday, while the class A shares UAA, +0.45% declined 0.5%, compared with the S&P 500 index’s SPX 1.1% decline.
Barron’s: These Stocks Are Moving the Most Today: Eli Lilly, UPS, State Street, Beyond Meat, Datadog, Novo Nordisk, and More
[]Eli Lilly smashes earnings expectations and boosts 2023 guidance, UPS cuts its revenue outlook for the year, Moody’s says it may downgrade the credit ratings on six major U.S. banks, including State Street and U.S. Bancorp, and Beyond Meat slashes its revenue outlook.
[]Ciara Linnane is MarketWatch’s investing- and corporate-news editor. She is based in New York.
[]James Rogers is a Financial Columnist for MarketWatch.
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