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Tag: Under Armour Inc. Cl C

  • Under Armour stock jumps toward 9-month high after big profit beat, strong shoe sales

    Under Armour stock jumps toward 9-month high after big profit beat, strong shoe sales

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    Shares of Under Armour Inc. sprinted higher Wednesday toward a nine-month high, after the athletic apparel and gear seller reported a big beat in fiscal third quarter profit and raised its full-year outlook.

    Net income for the quarter to Dec. 31 rose to $121.6 million, or 27 cents a share, from $109.7 million, or 23 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 16 cents was well above the FactSet consensus of 9 cents.

    Revenue grew 3.4% to $1.58 billion, above the FactSet consensus of $1.55 billion, as a 25% jump in footwear revenue offset 2% declines in apparel and accessories revenue. Meanwhile, a 2% decline in North America revenue was offset by a 14% increase in international revenue.

    The Class C shares
    UA,
    +0.09%
    shot up 6.8% in premarket trading, which puts them on track to open at the highest price seen during regular-sessions hours since May 5, 2022. The Class A shares
    UAA,
    -0.08%
    jumped 6.9%.

    Gross margin contracted by 6.5 percentage points, due primarily to higher promotions, sales mix impacts and the negative impact of currency fluctuations.

    For fiscal 2023, the company raised its adjusted EPS guidance range to 52 cents to 56 cents from 44 cents to 48 cents, but kept its revenue growth guidance at a low single-digit percentage range. The FactSet consensus for EPS was 46 cents, and the FactSet revenue consensus of $5.86 billion implied 2.7% growth.

    The Class C shares have soared 53.5% over the past three months through Tuesday, while the S&P 500
    SPX,
    +1.29%
    has gained 8.8%.

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  • UPDATE: Lululemon stock slides premarket after yoga gear maker revises Q4 guidance

    UPDATE: Lululemon stock slides premarket after yoga gear maker revises Q4 guidance

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    Lululemon Athletica Inc.
    LULU,
    +1.02%
    revised its fourth-quarter guidance on Monday by raising its revenue guidance. tweaking its per-share earnings guidance to a tighter range and lowering margin guidance. The yoga wear company now expects revenue to range from $2.660 billion to $2.700 billion, up from prior guidance of $2.605 billion to $2.655 billion. It expects EPS of $4.22 to $4.27 compared with prior guidance of $4.20 to $4.30. The company expects gross margins to decline 90 basis points to 110 basis points, compared with prior guidance of a rise of 10 basis points to 20 basis points. “However, the company now expects that it will further leverage selling, general and administrative expenses 100-120 basis points compared to its previous expectation of 30-50 basis points of leverage,” the company said in a statement released ahead of an investor conference. Lululemon stock slid 12% premarket, and is down 7% in the last 12 months through Friday’s close, while the S&P 500
    SPX,
    +2.28%
    has fallen 17%. Under Armour stock
    UA,
    +3.70%
    and Nike Inc.
    NKE,
    +3.24%
    fell in sympathy, The former was down 2.6% premarket and Nike was down 1.5%.

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