After two consecutive quarters of losses, the Baltimore-based athletic apparel, accessories and footwear maker, logged a $39 million quarterly profit and revealed plans to sell the MyFitnessPal platform for roughly $345 million. Company shares jumped about 6 percent at the start of Friday’s trading session as a result, only to move into the red by midday.
That’s good news for a company that lost a combined $773 million in the last two quarters. The stock, which closed up 3.61 percent to $13.79 Thursday, is also down more than 33 percent year-over-year. In the most recent quarter ending Sept. 30, total company revenues were flat at $1.4 billion, the same as last year, while quarterly profits were $38.9 million, down from $102 million during 2019’s third quarter.
Executives told analysts during Friday morning’s conference call that, starting next year, the company plans to exit between 2,000 and 3,000 wholesale distribution channels in North America. “What we’ve seen this year that we’re very excited about is the energy in our women’s business,” Frisk said on the conference call. “It’s really nice to see how our brand is resonating across both genders.”
Other headwinds include delays in the supply chain, declines in licensing revenues and an increased promotional environment.
UnderArmour Um,no.
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