The athletic-apparel marker Under Armour gained more than 4% in pre-market trading on Thursday after the company posted better than expected first-quarter results.
The company recorded earnings of $0.05 a share, beating the $0.01 that analysts surveyed by Bloomberg were looking for. Overall, adjusted net earnings came in at $23.3 million.
Revenues of $1.21 billion edged out the $1.18 billion that was expected. Importantly, the company’s revenues were “relatively flat” in North America with stronger growth internationally. Additionally, the company has made significant progress in winding down over $1 billion of inventory, an issue which caused concerns for investors.
