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ATLANTA—Under Armour Inc. reported a strong third quarter on Tuesday, but revised its 2008 outlook downward because of the current weak economic environment as the holiday season approaches.

Net income for the quarter, which ended Sept. 30, rose 28.1 percent to $25.7 million, or 51 cents per diluted earnings per share, compared with $20 million, or 40 cents per diluted share, a year ago. Net revenues increased 24.1 percent to $231.9 million from $186.9 million in the year-ago quarter.

Apparel net revenues rose 19 percent to $201.1 million from $169 million a year ago. The women’s business, which increased 27.5 percent to $50.3 million, had the strongest percentage rate of growth during the quarter.

Under Armour now expects 2008 net revenues to increase 24 to 26 percent, or $750 million to $765 million. The company had previously expected net revenues in the range of $765 million to $775 million.

Chairman and CEO Kevin Plank said, “Under Armour is a growth company, and our growth is driven by our demonstrated ability to successfully leverage our positioning as a premium performance brand. The strength of our team and our business model will allow us to grow and invest in the future.”

As it moves into the fourth quarter, the company said it would focus on inventory discipline.

“Inventory control has been a major focus for the organization,” said chief operating officer Wayne Marino. “By yearend, we still anticipate inventory growth to remain below the rate of revenue growth, and for 2009, we are striving for improved inventory efficiency.”

Bolstered by the news, investors flocked to the brand in trading Tuesday. Shares of Under Armour gained $4.77, or 26.3 percent, to close the day at $22.88.