Although its footwear sales slowed in the quarter, Under Armour Inc. still managed to post a surprising 5 percent increase in profit for the period.
The Baltimore-based company reported second-quarter earnings of $1.44 million, or 3 cents a share, 5 cents above consensus amongst analysts. That compares with earnings of $1.38 million, or 3 cents a share, in the second quarter last year.
Under Armour’s second-quarter sales totaled $164.6 million, up 5 percent from $156.7 during the year-ago period. Apparel sales grew 17 percent to $112 million, but revenue from footwear declined by 18 percent to $37.5 million.
For the first half of the year, Under Armour’s net income grew 27 percent to $5.4 million, or 11 cents a diluted share, versus $4.2 million, or 8 cents, in the first half of 2008. Sales increased by 16 percent to $364.6 million, from $314 million last year.
Based on its second-quarter results, the company now expects its full-year diluted earnings per share to range from 80 cents to 82 cents, while sales should total $810 million. Under Armour also expects its 2009 sales, general and administrative expenses to grow by a percentage in the low teens.