As per Under Armour Inc’s forecast, its “annual revenue” has surpassed Wall Street expectation as the pandemic increased the demand for “running shoes and face masks” with the rowing trend for outdoor exercise.
Under Armour is based out of Baltimore which saw a jump of “11.6%” in its share following it the company also made a decision of selling its “MyFitnessPal health tracking platform for $345 million” to Francisco Partners, a “private equity firm”. People are choosing to go “running or biking outdoors” instead of attending gym as confined spaces increase the chance of spreading coronavirus, whereby ramping up sales of “Under Armour’s HOVR line of training shoes and other fitness gear”.
According to Reuters:
“The company’s footwear revenue rose 19% to nearly $300 million in the third quarter. Accessories revenue rose 23% to $145 million, which Under Armour said was driven by sale of athlete-focused ‘sports masks’.”
Under Armour, like its “bigger rival” Nike, saw its e-commerce take up by over 50%. Under Armour’s 26% earning per share, barring “certain items”, beat “3 cents per share” expectations, while its MyFitnessPal provides “more investment firepower” besides simplifying its “larger digital fitness business”. While Reuters added:
“It forecast full-year revenue to fall by a high-teen percentage, compared with estimates of a 25.7% drop”.
According to the company, it is estimating to see an adjusted annual loss from “47 cents to 49 cents per share” which happens to be smaller in comparison to analysts’ estimates of “72 cents per share loss”.
References:
reuters.com
Under Armour is based out of Baltimore which saw a jump of “11.6%” in its share following it the company also made a decision of selling its “MyFitnessPal health tracking platform for $345 million” to Francisco Partners, a “private equity firm”. People are choosing to go “running or biking outdoors” instead of attending gym as confined spaces increase the chance of spreading coronavirus, whereby ramping up sales of “Under Armour’s HOVR line of training shoes and other fitness gear”.
According to Reuters:
“The company’s footwear revenue rose 19% to nearly $300 million in the third quarter. Accessories revenue rose 23% to $145 million, which Under Armour said was driven by sale of athlete-focused ‘sports masks’.”
Under Armour, like its “bigger rival” Nike, saw its e-commerce take up by over 50%. Under Armour’s 26% earning per share, barring “certain items”, beat “3 cents per share” expectations, while its MyFitnessPal provides “more investment firepower” besides simplifying its “larger digital fitness business”. While Reuters added:
“It forecast full-year revenue to fall by a high-teen percentage, compared with estimates of a 25.7% drop”.
According to the company, it is estimating to see an adjusted annual loss from “47 cents to 49 cents per share” which happens to be smaller in comparison to analysts’ estimates of “72 cents per share loss”.
References:
reuters.com
