Under Armour Q3 profit rises
A lower-than-expected tax rate and strong apparel sales helped Under Armour (NYSE: UA) post a 33-percent increase in net income for the third quarter.
For the quarter ended Sept. 30, earnings were $34.9 million, or $0.68 per share, compared with $26.2 million, or $0.52 per share, a year earlier.
Revenue climbed 22 percent to $328.6 million from $269.5 million as sales of its men's, women's and youth clothing improved, it said.
Direct-to-consumer revenue -- which makes up 18 percent of total revenue -- grew 47 percent. Footwear revenue fell to $26.5 million from $33 million.
For 2010, Under Armour said it now expects earnings between $1.23 and $1.24 per share on revenue of $1.03 billion to $1.04 billion. It also said its 2011 earnings per share and revenue should both rise at the higher end of its long-term target of 20 percent to 25 percent.
--Compiled by Wendy Geister
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