Beneath Armour raised its gross sales and revenue outlook for the yr Tuesday as client demand for athletic attire amid the pandemic drove a stronger-than-expected efficiency within the third quarter.
The Baltimore model’s income rose 8% to $1.5 billion for the three months that ended Sept. 30, in contrast with $1.4 billion in the identical interval final yr, beating Wall Avenue estimates of $1.48 billion. The corporate reported earnings of $113 million, or 24 cents per share, in contrast with $39 million, or 9 cents per share, within the pandemic-impacted third quarter of 2020.
Adjusted earnings of 31 cents per share beat Wall Avenue analysts’ expectations of 15 cents per share.
“Our third-quarter outcomes have been pushed by robust demand for the Beneath Armour model and our skill to execute rapidly to satisfy the wants of our customers and prospects,” stated Patrik Frisk, Beneath Armour president and CEO, in an announcement.
The corporate stated it’s on observe to finish the yr with document income and earnings.
Beneath Armour shares surged practically 17% — $3.73 every to $25.71 a share in Tuesday morning buying and selling.
Beneath Armour now expects income to be up about 25% for the complete yr, in comparison with a earlier expectation of a low-twenties proportion improve, due to improved enterprise in its largest U.S. market in addition to worldwide gross sales.
Earnings are anticipated to achieve about 55 cents per share, in comparison with a earlier expectation of 14 cents to 16 cents every.
Income from gross sales via retailers jumped 10% within the third quarter within the U.S., the place gross sales grew 8% to $1 billion
Beneath Armour stated it’s seeing more healthy progress with a concentrate on full-price — moderately than discounted — gross sales via a method to return the model to a premium standing.
This story can be up to date.