This morning, Under Armour (NYSE: UA) reported a better-than-expected profit as demand rose in its footwear category. The company also raised its full-year revenue forecast.
The apparel maker said its second-quarter earnings came to $7 million, or $0.06 per share, up from $6 million, or $0.06 cents per share, in the same period of last year. Revenues increased 27% to $369 million. Sales in the footwear category jumped 44%. Footwear contributes about 19% of total revenue.
Both the top line and bottom line numbers exceeded consensus estimates.
The company now expects 2012 net revenues in the range of $1.80 billion to $1.82 billion, up from the previous range of $1.78 billion to $1.80 billion.
Rival Nike (NYSE: NKE) fell short of earnings estimates in its most recent quarterly report, sending shares tumbling. The company cited high product costs and weak international demand for the disappointing results.
Under Armour is up more than 5% to $51.07 in premarket trading, in a 52-week range of $26.31 to $53.93. Nike has slipped about 0.3% to $92.60 in premarket trading. Its 52-week range is $76.98 to $114.81.
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