October 30, 2020
Under Armor Inc It exceeded the estimated quarterly earnings on Friday. This is underpinned by online demand from shoppers looking for athletic clothing for home and outdoor training.
The Baltimore-based stake rose 7% pre-marketing as it also announced the sale of the MyFitnessPal exercise tracking platform to Francisco Partners for $ 345 million.
According to Refinitiv’s IBES data, the company expects full-year revenue to be in the high 10% range, compared to an average analyst estimate of a 25.7% decline. Under Armor is still suffering from a plunge in revenue from department stores.
Overall revenue for the third quarter, which ended on September 30, was almost flat at $ 1.43 billion, above analysts’ average estimate of $ 1.16 billion.
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