Shares of performance apparel and accessories provider Under Armour (NYSE:UAA) are rising in the pre-market session today on the back of a strong second-quarter performance.
Revenue inched up 1.3% year-over-year to $1.57 billion but managed to beat estimates by $20 million. EPS at $0.20 too muscled past expectations by $0.04.
The company is taking steps to address short-term pressures while maintaining sights on long-term strength.
While wholesale revenue increased by 4%, direct-to-consumer revenue dropped by 4% due to lower revenue from owned and operated stores. Further, while apparel and accessories revenue dropped by 2% and 12% respectively, footwear revenue surged by 14% during this period.
For fiscal 2023, UAA expects revenue to rise by a low single-digit percentage owing to a challenging environment and foreign currency gyrations. EPS is anticipated between $0.56 and $0.60.
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