Under Armour Profit Tops Estimates as Footwear Boosts Sales

BALTIMORE, United States — Under Armour Inc. posted third-quarter profit that topped analysts' estimates as the athletic-apparel maker's expansion into shoes gained momentum.

Net income rose 13 percent to $100.5 million, or 45 cents a share, from $89.1 million, or 41 cents, a year earlier, the Baltimore-based company said in a statement Thursday. Analysts estimated 44 cents, on average.

Under Armour, which got its start selling moisture-wicking workout shirts, has continually pushed into new athletic-gear markets and is now moving deeper into footwear and women’s apparel. At an investor day meeting last month, Under Armour announced plans to reach $7.5 billion in revenue by 2018, lifted by global expansion and new markets.

Revenue increased 28 percent to $1.2 billion in the quarter, beating analysts’ $1.18 billion average projection. Shoe sales rose 61 percent to $196.3 million.

The shares advanced 2.1 percent to $101.25 at 7:05 a.m. in early trading in New York. Under Armour already had climbed 46 percent this year through Wednesday.

By Christie Boyden; editors: Nick Turner, Kevin Orland, Bruce Rule.