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SBD/July 24, 2014/FinancePrint All
Under Armour today said that its Q2 '14 profits "remained unchanged, meeting analysts' expectations, while sales soared" 34%, according to Lorraine Mirabella of the Baltimore SUN. UA added that its net income of $18M "remained flat, reflecting previously planned marketing and brand innovation expenses." Net revenue increased to $610M "in the three months that ended June 30," compared with $455M in Q2 '13. Apparel sales jumped 35% to $420M, compared with $310M "in the year-earlier period as the brand increased offerings in golf, outdoor, running, training and women's studio categories." Footwear sales climbed 34% to $110M, "led by new running shoes." The company "boosted its sales forecast for the year" to a range of $2.98-3B, or growth of as much as 29% from the previous year (BALTIMORESUN.com, 7/24). The WALL STREET JOURNAL's Anna Prior noted UA "has notched strong growth as new apparel, well-received new footwear offerings, and a renewed focus to win over more female consumers have boosted its revenue." Company Founder, Chair & CEO Kevin Plank in April said that the running category "will be the biggest revenue opportunity for Under Armour in the future." The bulk of UA's sales "comes from North America, with sales from that region growing 30% in the quarter." Int'l sales, which UA has "called its biggest growth opportunity, more than doubled" to $51.6M in the latest quarter (WSJ.com, 7/24). REUTERS notes UA "has beaten Wall Street profit forecasts for the past two years" (REUTERS, 7/24). At presstime, shares of UA were trading at $69.68 per share, up 15% from the close of business on Wednesday (THE DAILY).