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Shoppers pass an Under Armour store in White Plains, New York.Scott Mlyn | CNBC

Under Armour on Tuesday raised its sales and profit outlook for the full year, as the sports apparel maker sees demand for its brand roaring back with shoppers returning to its stores.

It reported first-quarter sales growth of 35%, topping analyst expectations.

The company is lapping a period a year earlier when its stores were temporarily shut, and Under Armour had to turn to layoffs and other cost-cutting measures to fight through the health crisis.

Its stock jumped more than 3% in premarket trading.

Here's how the company did during its quarter ended March 31 compared with what analysts were anticipating, based on a Refinitiv survey:

  • Earnings per share: 16 cents adjusted vs. 3 cents expected
  • Revenue: $1.26 billion vs. $1.13 billion expected

Under Armour's net income grew to $77.8 million, or 17 cents per share, compared with a loss of $589.7 million, or $1.30 per share, a year earlier.

Excluding one-time charges, the company earned 16 cents per share, better than the 3 cents that analysts were anticipating, based on Refinitiv estimates.

Sales rose to $1.26 billion from $930.2 million a year earlier, beating estimates for $1.13 billion.

In North America, sales were up 32%, while they grew 58% in Under Armour's smaller international division, boosted by recoveries in markets that include China.

Online sales rose 69% across the business.

CEO Patrik Frisk said the company is seeing strong demand for the brand, as business rebounds across Asia and North America. In the year-ago period, Under Armour's sales tumbled more than 20%, as its business took a blow from the coronavirus pandemic and its stores were forced shut, freezing its turnaround efforts. 

The company has also worked on managing its inventories and reducing its reliance on discounting to get rid of dated merchandise. Frisk said those efforts are paying off and helping to boost profits.

Under Armour said it now expects full-year revenue to rise by a high-teen percentage rate, compared with a previous outlook of a high-single-digit increase. Analysts had been looking for 10.1% growth, according to a Refinitiv survey.

It's calling for 2021 adjusted earnings per share to be in the range of 28 cents to 30 cents, compared with a prior range of 12 cents to 14 cents. Analysts had been calling for earnings per share of 20 cents.

Under Armour said it expects to realize roughly $35 million to $40 million in charges during its second quarter related to its ongoing restructuring.

On Monday, Under Armour said it agreed to pay the Securities and Exchange Commission $9 million to settle charges that it mislead investors from 2015 to 2016 by recording $408 million in sales that it expected to complete in future quarters.

The retailer settled the charges without admitting or denying the findings in the SEC's order. Under Armour had also been responding to requests for documents and information from the U.S. Department of Justice, and said Monday that it hasn't received any requests from the DOJ since the second quarter of 2020.

As of Monday's market close, Under Armour shares are up more about 40% year to date. The company has a market cap of $10 billion.

Find the full earnings press release from Under Armour here.

WATCH LIVE: Under Armour CEO Patrik Frisk will join CNBC's Closing Bell for an exclusive TV interview on Tuesday at 3 p.m.

VIDEO5:1805:18Former Best Buy CEO: Treat profit as an outcome, not the ultimate goalClosing Bell

News Source: CNBC

Tags: under armour’s under armour shares the company compared a year earlier second quarter the company north america sees demand calling

21 of the most daring looks Miley Cyrus has ever worn, from see-through dresses to a glitter-covered suit

Next News:

Irina Shayk poses topless for an Instagram photoshoot

More On: irina shayk Irina Shayk honors DMX in tribute T-shirt Irina Shayk bares it all in sexy see-through Mugler catsuit Exes Bradley Cooper and Irina Shayk take 3-year-old to Russian lessons Why Irina Shayk despises the term ‘co-parenting’

Irina Shayk figured out the best way to greet her Instagram followers—with her chest.

“Hello????⏭,” the Russian-born model captioned a spread of photos from a shoot, including some topless snaps.

In one of the Polaroid-style snaps, posted to her feed on Thursday, Shayk wears high-rise white jeans and covers her breasts with her hands.

In another photo, 35-year-old Shayk faces away from the camera while wearing a white tank top and thong to show off her derrière.

Another photo shows a more demure Shayk, wearing an all-black, off the shoulder top and matching pants. She can also be seen wearing an all-white, low-cut dress in a subsequent picture.

Shayk credited stylist Marc Eram, who wears a mask in one of the pics, for the shoot.

Fellow model Gigi Hadid was in awe of Shayk, commenting, “Wowwiiii.”

While Bruce Willis’ wife, Emma Heming, wrote, “Oh hello [fire emoji].”

Shayk left little to the imagination in high-rise jeans and no shirt.Instagram

Shayk, who shares daughter Lea with ex Bradley Cooper, often leaves little to the imagination on her Instagram. The supermodel once showed off her enviable figure in a see-through Mugler catsuit.

“Omg the [crown emoji],” fellow catwalker Emily Ratajkowski commented. Elizabeth Hurley’s son Damian wrote, “Woahhhh,” while Brooklyn Decker commented, “My God.”

The beauty also modeled a pair of eye-catching thong jeans during Mugler’s show.

She’s also flaunted her curves on the catwalks for Victoria’s Secret, Savage X Fenty and more lingerie brands.

Filed under celebrity social media ,  instagram ,  irina shayk ,  models ,  nude celebrities ,  5/13/21

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