Under Armour Boosts Earnings View on Cost Control; Shares Rise.

Under Armour has increased its full-year earnings outlook, attributing the successful cost-cutting measures in its turnaround plan. The athletic-wear company now expects adjusted earnings of 50 to 52 cents per share for the fiscal year ending in March, surpassing analyst expectations of 49 cents. The firm has managed to reduce inventories by 9% to $1.1 billion in the third quarter, surpassing analyst predictions. Under Armour's CEO, Stephanie Linnartz, has initiated a new three-year strategic plan, focusing on categories such as womenswear and footwear, and has also restructured senior management. As a result, shares rose by as much as 9% in premarket trading in New York.

February 08, 2024
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