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Shares of Under Armour Inc. declined 6.5 percent Thursday, even though the firm posted third-quarter results that bested Wall Street’s expectations.
For the three months ended Sept. 30, net income rose 24.6 percent to $57.3 million, or 54 cents a diluted share, from $46 million, or 44 cents, a year ago. Wall Street analysts were expecting 52 cents. Net revenues rose 23.6 percent to $575.2 million from $465.5 million.
By segment, each category showed increases in revenues from a year ago. Apparel revenues rose 22.4 percent to $444.6 million, while accessories gained 37.1 percent to $54.4 million. Footwear sales increased 21.4 percent to $63.2 million. While the apparel and accessories segments each also showed revenue gains from the second to the third quarter, footwear was the opposite with a 6.2 percent decline.
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Kevin Plank, chief executive officer and president, said, “The third quarter marks our 12th consecutive quarter with apparel growth in excess of 20 percent and our 10th consecutive quarter of net revenues growth surpassing 20 percent. This growth reflects our core belief that when we innovate and add value for the athlete, we win.”
The company upped its net revenue expectations for 2012 to $1.82 billion from a previous estimate of $1.8 billion to $1.82 billion.
Shares of Under Armour closed at $52.93 in trading Thursday.