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Plank Says Under Armour Not Making Staff
Cuts, Will Not Leave '09 With Less People |
Under Armour Founder & CEO Kevin Plank appeared on CNBC's "Fast Money" Wednesday night to discuss the company's stock, which is up approximately 103% in the past six months. CNBC's Melissa Lee noted Under Armour "has been running on all cylinders." But Lee noted "the street seems to be a bit cautious on it at this point in time, mostly for valuation reasons," and asked Plank to "give investors out there a catalyst, the reason why they should put fresh capital to work in your stock." Plank: "In our current distribution, we continue to be one of the leaders of the pack and we're number one where we're doing business, particularly on the apparel side." He added, "We're heading into our fourth year of having footwear as a company and you're seeing the dividends pay out, not only in our performance at retail, but really great product. We're gaining market share. We'll sell more footwear next year than this year." Plank added, "We're not making the cuts, we're not coming out of this year with less people. We're investing in our business" (
"Fast Money," CNBC, 9/9). At presstime, shares of Under Armour were trading at $25.22, down 2.32% from Thursday's close of $25.69 (
THE DAILY).
