July 24--Under Armour's second-quarter profit remained unchanged, meeting analysts' expectations, while sales soared 34 percent, the Baltimore-based sports brand said Thursday.
Net income of $18 million, or 8 cents per diluted share, remained flat, reflecting previously planned marketing and brand innovation expenses, the company said.
Net revenue increased to $610 million in the three months that ended June 30, compared with $455 million in the second quarter of 2013. Analysts expected sales $573.8 million for the quarter.
Apparel sales jumped 35 percent to $420 million, compared with $310 million in the year-earlier period as the brand increased offerings in golf, outdoor, running, training and women's studio categories. Footwear sales climbed 34 percent to $110 million, led by new running shoes.
"The broad-based momentum that we have been experiencing recently showed no signs of stopping during the second quarter," CEO Kevin Plank said in the earnings announcement. "We were particularly encouraged by the brand response we are seeing in both our footwear and international businesses."
The company boosted its sales forecast for the year to a range of $2.98 billion to $3 billion, or growth of as much as 29 percent from the previous year.
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