Baltimore sportswear manufacturer Under Armour's third-quarter profit, announced yesterday, was above predictions.
According to the Baltimore Business Journal, the quarter's increase over the year before is 27 percent, with a profit of $73 million, or 68 cents per share. A Reuters poll of experts showed expected earnings of 66 cents per share. The company credits the expansion of some products and a new ceramic coating for its outerwear. This was the 14th straight quarter that revenues were up over 20 percent.
The Wall Street Journal reports that the company gets nearly all of its sales from North America, and that Under Armour is looking to compete in the global market. Expansion in Latin America ahead of the 2016 Olympics is a big part of that plan, says the BBJ. But as reported in The Daily Record, investors are not exactly rushing to buy stock. Shares were down slightly on Thursday after the earnings announcement. TDR quotes Under Armour CEO Kevin Plank as saying that "International has great dividends for us, but we know it’s going to be an investment and we know it’s going to take time.”
Under Armour's store in Tyson’s Corner in Northern Virginia opens November 7th and its first store in New York City opens next Spring.