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By
Reuters
Published
Jan 26, 2012
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Under Armour cuts 2012 sales growth outlook

By
Reuters
Published
Jan 26, 2012


Michael Phelps for Under Armour
Athletic apparel maker Under Armour Inc reported lower-than-expected sales and lowered its forecast for revenue growth in 2012, as mild weather hurt demand for its winter products, sending its shares down 3 percent before the bell on Thursday.

Companies like Children's Place Retail Stores Inc and department store operator Bon-Ton Stores Inc have blamed warmer-than-expected weather for denting sales.

Under Armour, known for clothing that draws sweat away from the body, now expects 2012 revenue growth at the lower end of its 20-25 percent growth target.

However, the company reported a higher-than-expected quarterly profit as it controlled costs, and kept its full-year operating earnings forecast.

October-December net income rose to $32.5 million, or 62 cents per share, from $22.9 million, or 44 cents per share, a year ago.

Revenue rose 34 percent to $403.1 million.

Analysts on average had expected the company to earn 60 cents a share on revenue of $403.6 million, according to Thomson Reuters I/B/E/S.

Shares of Under Armour were down 3 percent at $75 on Thursday before the bell, they closed at $77.49 on Wednesday on the New York Stock Exchange. (Reporting by Meenakshi Iyer in Bangalore; Editing by Don Sebastian)

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