Lower demand from retailers caused Under Armour Inc.’s fourth-quarter profits to fall by more than 50 percent, but it still met Wall Street’s diminished expectations.
For the quarter ended Dec. 31, the Baltimore-based athletic apparel maker posted net income of $8.3 million, or 17 cents a diluted share, a 50.1 percent fall from a year ago when profit totaled $16.9 million, or 34 cents a share. Sales in the fourth quarter rose 2.5 percent to $179.3 million from $174.9 million last year.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"