Shares of Under Armour (UA) dropped more than 13 percent Tuesday, after the Baltimore-based athletic brand lowered its growth guidance through 2018.
Double-digit sales growth in all product categories pushed net revenues up 22 percent to $1.47 billion in the quarter ended Sept. 30, compared with $1.2 billion a year ago, and profits increased 28 percent from $100 million to $128 million. Footwear was the standout (up 42 percent), driven by running and basketball, while sales of apparel and accessories increased 18 percent apiece.
Read more at Sourcing Journal.
