Under Armour posts earnings beat but no longer expects revenue to grow this year

Under Armour Inc.’s stock rose 5% Wednesday after the Baltimore-based sporting goods and footwear maker posted better-than-expected earnings for its fiscal second quarter, offsetting the lowering of its full-year revenue guidance.

“Consequently, we are maintaining our fiscal 2024 operating income and EPS outlook even as we lower our revenue expectations primarily in response to challenges in North America during the back half of the year,” she said in a statement. “Amid these conditions, we are, however, making progress on our premium wholesale distribution strategy in North America,” Linnartz told analysts, according to a FactSet transcript. “Leveraging the strength of key footwear franchises including Curry, our mall penetration is expected to be up more than 40% by the end of fiscal 2024. This is an early win and I’m confident that we will continue to gain premium shelf space.

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