- Under Armour
Under Armour can thank Steph Curry for a big boost to its second-quarter revenues.
Under Armour on Tuesday reported a 28% year-over-year increase in revenues during the second quarter, thanks in large part to the NBA’s reigning MVP.
“Footwear net revenues increased 58% to $243 million from $154 million in the prior year’s period, primarily reflecting the continued success of the basketball category led by the Curry signature basketball line as well as growth in running and cleated categories,” the company’s earnings statement said.
Revenues in this product category were the second largest. Sales of fitness-tracking devices rose the most, by 73%, to $24 million.
Overall, the company matched analysts’ expectations for profits and revenues, according to Bloomberg. Its adjusted earnings per share was $0.04, and its quarterly revenue totaled $1 billion.
Under Armour shares fell nearly 4% in premarket trading, as the company’s reiterated forecast for 2016 revenues of $4.93 billion missed analysts’ lowered expectation of $4.96 billion. The company in May lowered its expectation for net revenues following Sports Authority’s bankruptcy.
Operating income fell 39%, to $19 million, reflecting a $23 million impairment related to the liquidation of Sports Authority.