Under Armour posts good results but stays cautious
28/10/2008
Sports apparel company Under Armour has announced an increase in third-quarter profits of 28%, but it lowered year-end projections as consumers continue to cut back on spending.
The Baltimore company reported net income of $25.7 million for the three months that ended September 30. That was compared with $20 million for the same period a year ago. Revenue rose 24% to $231.9 million.
The company lowered its revenue estimates for the year to a range of $750 million to $765 million, a growth rate of 24% to 26%. It had expected revenue of $765 million to $775 million.
It also lowered its guidance for operating income to a range of $97.5 million to $104.5 million, down from an earlier estimate of $104.5 million to $105.5 million.
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