Under Armour shares got a slight bump Tuesday after the athletic apparel retailer posted quarterly results roughly in line with expectations and reiterated its guidance.
The company reported revenue of $1.31 billion, down 3% year-over-year and just above Street expectations of $1.3 billion, and earnings of $0.02 per share, flat year-over-year and in-line with expectations.
North American revenue declined 9% year-over-year to $827 million, while international revenue rose 12% to $485 million.
Meanwhile, CEO Stephanie Linnartz doubled Under Armour’s “Protect This House 3” plan, a business revamp focused on growing the company’s North America segment. The plan previously saw Under Armour cut 50 employees in June.
“As we continue executing against our Protect This House 3 strategic priorities, including our prioritization of North America, we have taken several important steps,” Linnartz said. “These steps include leadership changes, amplifying storytelling to drive global brand heat and optimizing our product engine to deliver elevated design and groundbreaking innovations that athletes covet. I am confident that we will achieve the improved growth and profitability this brand is capable of over the long run.”
Looking ahead, Under Armour maintained its fiscal 2024 guidance of flat or slightly higher revenue with diluted earnings per share between $0.47 and $0.51.
Shares of Under Armour climbed 0.4% Tuesday afternoon to $7.09.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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