Under Armour stock rose Wednesday after the retailer raised its forecast of earnings for the full fiscal year.
The seller of apparel, footwear, and accessories said adjusted earnings for the fiscal year ending on April 1 are now expected to be 52 cents to 56 cents a share. That’s higher than both management’s prior call of 44 cents to 48 cents and the consensus forecast of 46 cents among analysts tracked by FactSet.
The stock (ticker: UAA) was up nearly 4% to $12.70 in premarket trading.
For its third fiscal quarter, the three months that ended in December,
delivered adjusted earnings of 16 cents per share, nearly double the 9 cents analysts expected. Revenue of $1.6 billion also beat expectations for $1.55 billion.
Sales of footwear jumped by 25.3% versus a year ago, offsetting a decline in revenue from apparel and accessories.
The company named a new CEO in December.
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