Under Armour posts surprise profit on lower inventory amid turnaround push
-Under Armour posted a surprise first-quarter profit on Thursday, benefiting from its efforts to reduce inventory amid a challenging wholesale business and softer demand for its athletic wear in North America.
Despite its efforts, quarterly revenue from its biggest North America market declined 14% as persistent inflation stretched customer budget, while revenue from international business fell 2%. Its first-quarter revenue dropped 10% to $1.18 billion smaller than a nearly 13% decline analysts had anticipated.
Under Armour expects fiscal 2025 adjusted earnings per share between 19 cents and 22 cents, slightly above its prior expected range of 18 cents to 21 cents.
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