Under Armour Inc. is in growth mode, and it’s paying off on the bottom line.
The Baltimore-based activewear company reported Thursday that for the three months ended March 31, net income jumped 73.3 percent to $13.5 million, or 6 cents a diluted share, from $7.8 million, or 4 cents, a year ago. Net revenues rose 36 percent in the period to $641.6 million from $471.6 million. Apparel net revenues rose 33 percent to $459 million from $346 million, boosted in part by expanded offerings in categories such as golf, training and basketball. Apparel is the company’s largest category, and the firm said it expects 2014 net revenues in the range of $2.88 billion to $2.91 billion, or 24 to 25 percent growth over 2013.
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?"