Under Armour shares soar as retailer says results 'better than expected,' despite 41% sales drop
But that came in better than the retailer was expecting, thanks to e-commerce growth.
It was a strong online business that buoyed up the sneaker maker's results, as Under Armour estimated roughly 80% of the bricks-and-mortar stores where its merchandise can be purchased, including its own shops, were closed due to the coronavirus pandemic through mid-May.Here's how the retailer did during its fiscal second quarter compared with what analysts were expecting, based on Refinitiv data:Revenue: $707.6 million versus $543.
"However, we remain appropriately cautious with respect to the balance of 2020 due to continued uncertainty related to consumer shopping dynamics, the potential for a highly promotional environment and proactive decisions to reduce inventory purchases to be more aligned with anticipated demand related to ongoing COVID-19 impacts."
Excluding one-time charges, the retailer lost 31 cents a share. That was less than the 41-cent loss analysts were predicting, according to Refinitiv.
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