Under Armour, Inc. (NYSE: UA, UAA) on Thursday reported a net profit for the quarter ended September 2022, which also exceeded estimates. The sports apparel firm’s revenues increased by 2% during the three-month period.
The company reported earnings of $0.20 per share for the most recent quarter, on an adjusted basis, beating analysts’ estimates. On an unadjusted basis, it was a profit of $86.9 million or $0.19 per share, compared to $113.4 million or $0.24 per share last year.
Revenues increased 2% year-over-year to $1.57 billion in the September quarter and topped expectations. A 2% decrease in the core apparel segment was more than offset by growth in other key divisions.
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“We’re pleased to have delivered second-quarter results that were in line with our expectations. While we anticipate the immediate macroeconomic backdrop to stay uncertain – we are taking a balanced approach to mitigate near-term pressures while continuing to focus on the long-term strength of our brand,” said Under Armour’s interim CEO Colin Browne.