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Under Armour Inc. continued to shine in the second quarter, with better sales translating into higher profits and an improved outlook for the full year.
Net income shot up 78 percent to $6.2 million, or 12 cents a share, from $3.5 million, or 7 cents, a year earlier. Earnings per share came in 4 cents ahead of analysts’ estimates.
Revenues for the quarter ended June 30 rose 42.3 percent to $291.3 million from $204.8 million.
Kevin Plank, chairman, chief executive officer and president of Under Armour, said the company was on the offensive this year and would “continue to invest in operational initiatives that will help build a multi-billion dollar global platform.” The company plans to increase its revenues to over $2 billion by 2013.
The Baltimore-based athletic apparel producer boosted its revenue outlook for the year to $1.42 billion to $1.44 billion, versus the $1.37 billion to $1.39 billion previously expected. The new guidance represents a 33 to 35 percent gain over 2010.