Under Armour: maintains FY forecasts

(CercleFinance.com) - On Tuesday US sporting equipment manufacturer Under Armour maintained its annual targets, despite a contraction in sales and profit margins in the last quarter, against the backdrop of a difficult consumer environment in North America.


The Baltimore-based group reported a 2% drop in sales for the three months to end-June, to $1.3bn, including a 9% decline in North America.

Under Armour said that its gross margin fell by 60bp to 46.1%, due to more special offers.

Net profit rose to $8.5m, from $7.7m a year earlier, thanks to cost reductions.

For the current financial year, it now expects annual sales to be stable or even slightly up, with its gross margin expected to rise by 25-to-75bp, from 44.9% the previous year.


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