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MarketScreener Homepage  >  Equities  >  Nyse  >  Under Armour    UAA

UNDER ARMOUR

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Under Armour : beats holiday-quarter profit on fewer discounts

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02/12/2019 | 11:11am EST
FILE PHOTO - A wall of basketball shoes is seen on display at an Under Armour store in Chicago

(Reuters) - Under Armour Inc beat analysts' estimates for quarterly profit on Tuesday, as the sportswear maker kept a tight lid on costs and sold more sneakers at full price during the holiday shopping season.

The company's Class A common shares rose 3.8 percent to $21.58, as investors shrugged off a disappointing current-quarter revenue forecast for North America, its biggest region.

Under Armour struggled with excess inventories for most of last year and was forced to offload more products to discount chains. This added to costs and dented margins.

To cut expenses, the company has shut underperforming stores, slashed jobs and reduced product sourcing costs.

In the fourth quarter, a 12 percent reduction in inventory levels and rising demand for sportswear, which includes Under Armour's popular Project Rock, Curry 6 and HOVR sneakers, allowed the company to cut back on discounts and beef up its margins.

The company's online markdowns during the peak holiday period were about 10 to 20 percent lower, compared with a year earlier, according to brokerage William Blair.

Excluding one-time items, Under Armour earned 9 cents per share in the fourth quarter, beating analysts' average estimate of 4 cents, according to IBES data from Refinitiv.

Adjusted gross margins rose 160 basis points to 45.1 percent, beating analysts' expectations of 44.8 percent.

North America sales, however, fell 6 percent, as larger rival Nike Inc continued to dominate with a slew of hot product launches.

Under Armour forecast mid-single-digit percentage fall in first-quarter North America sales.

A lack of any major product launches on the horizon has also left analysts skeptical that the company can see a sales recovery in North America any time soon.

"It would appear that Under Armour has hit a ceiling domestically," Nomura Instinet analyst Simeon Siegel said.

Total revenue rose 1.5 percent to $1.39 billion, edging past estimates of $1.38 billion.

(Reporting by Uday Sampath in Bengaluru; Editing by Sai Sachin Ravikumar and Sriraj Kalluvila)

By Uday Sampath Kumar

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Financials ($)
Sales 2019 5 380 M
EBIT 2019 231 M
Net income 2019 151 M
Debt 2019 75,0 M
Yield 2019 -
P/E ratio 2019 66,83
P/E ratio 2020 41,54
EV / Sales 2019 1,70x
EV / Sales 2020 1,57x
Capitalization 9 066 M
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Technical analysis trends UNDER ARMOUR
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Mean consensus HOLD
Number of Analysts 31
Average target price 21,0 $
Spread / Average Target -1,5%
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Managers
NameTitle
Kevin A. Plank Chairman & Chief Executive Officer
Patrik Frisk President & Chief Operating Officer
David E. Bergman CFO & Principal Accounting Officer
Paul Fipps Chief Technology & Digital Officer
Ann Funai Senior Vice President-Engineering
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