Performance apparel and footwear developer Under Armour, Inc. (UA) reported Tuesday a modest increase in third-quarter profit that came in above estimates, helped chiefly by a 153% growth in footwear sales and a 7.1% increase in apparel sales. The company also lifted its guidance for fiscal 2009, expecting results to surpass the Street view.
For the third quarter, net income rose to $26.18 million or $0.52 per share from $25.66 million or $0.51 per share in the previous year. On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share in the third quarter. Analysts' estimate typically exclude special items.
For the three-month period, operating income rose to $47.1 million from $46.5 million in the year-ago period.
Net revenues for the quarter climbed 16.2% to $269.55 million from $231.95 million. Seventeen analysts were expecting revenue of $249.91 million in the third quarter.
Apparel net sales grew 7.1% year-over-year to $215.4 million from $201.1 million, reflecting growth in the Men's, Women's, and Youth apparel businesses. Footwear revenues jumped 153.0% to $33.0 million from $13.1 million, and sales of accessories improved 21.0% to $10.76 million from $8.89 million.
Licensing revenues rose to $10.31 million from $8.90 million. Under Armour also revealed that direct-to-consumer net revenues, which represented 15% of total revenues, grew 62% from the prior-year quarter.
For the nine-month period, net income increased to $31.58 million or $0.62 per share from $29.91 million or $0.59 per share in fiscal 2008. Revenues surged 16.2% to $634.19 million from $545.96 million in the same period last year.
Looking ahead, for the full year, the company raised its outlook, now expecting earnings of $0.85 - $0.87 per share on revenues ranging from $830 million to $835 million. Under Armour had earlier projected earnings of $0.80-$0.82 a share on net revenues of about $810 million. Analysts are currently looking for earnings of $0.83 per share on revenues of $815.39 million in 2009.
UA closed Monday's regular trading hours at $33.09 on the NYSE.
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