Under Armour Inc. posted double-digit percent gains in both profits and revenues for the first quarter.

For the three months ended March 31, net income rose 20.8 percent to $14.7 million, or 28 cents a diluted share, from $12.1 million, or 23 cents, a year ago. Net revenues rose 22.9 percent to $384.4 million from $312.7 milllion.

 

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Kevin Plank, chairman, president and chief executive officer, said, “First quarter results underscore that when we bring innovation and value to our product, we win with the consumer…. As we look at the rest of 2012, we will continue to emphasize innovation and design throughout our product spectrum, including a sharp focus on our baselayer and footwear platforms.”

The company expects 2012 net revenues of $1.78 billion to $1.80 billion, a growth of 21 percent to 22 percent over 2011. Operating income for 2012 is expected in the range of $203 million to $205 million, representing growth of 25 percent to 26 percent over 2011.

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