Under Armour: swings to profit despite lower sales
(CercleFinance.com) - US athletic-apparel maker Under Armour on Wednesday swung to a fourth-quarter profit, even though its sales fell slightly, and the company provided a rather cautious initial outlook for 2021.
The Baltimore-based company posted net profit of 184 million dollars for the past quarter, compared with a net loss of 15 million dollars in the same period last year
Sales fell to 1.40 billion dollars, from 1.44 billion dollars a year earlier.
The company - which previously announced a 550 million to 600 million dollars restructuring plan to rebalance its cost base and to improve profitability - said revenue is expected to be up at a high-single-digit percentage rate this year, reflecting a high growth rate in its international business.
It warned, however, that there could be other material impacts on the company's full-year business results in 2021 due to ongoing uncertainty related to the pandemic and its potential effect on global markets.
The shares were up 10% on the New York Stock Exchange after the report.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The Baltimore-based company posted net profit of 184 million dollars for the past quarter, compared with a net loss of 15 million dollars in the same period last year
Sales fell to 1.40 billion dollars, from 1.44 billion dollars a year earlier.
The company - which previously announced a 550 million to 600 million dollars restructuring plan to rebalance its cost base and to improve profitability - said revenue is expected to be up at a high-single-digit percentage rate this year, reflecting a high growth rate in its international business.
It warned, however, that there could be other material impacts on the company's full-year business results in 2021 due to ongoing uncertainty related to the pandemic and its potential effect on global markets.
The shares were up 10% on the New York Stock Exchange after the report.
Copyright (c) 2021 CercleFinance.com. All rights reserved.