Under Armour revenue beats on e-commerce strength

Under Armour revenue beats on e-commerce strength

Sportswear maker Under Armour Inc beat analysts' estimates for quarterly revenue on Friday, as consumers shopped more online during the coronavirus lockdowns, sending its shares up about 8per cent in premarket trading.

Customers exit an Under Armour store in New York
FILE PHOTO: Customers exit an Under Armour store in New York City, U.S., November 4, 2019. REUTERS/Brendan McDermid

REUTERS: Sportswear maker Under Armour Inc beat analysts' estimates for quarterly revenue on Friday, as consumers shopped more online during the coronavirus lockdowns, sending its shares up about 8per cent in premarket trading.

Net revenue fell about 41per cent to US$707.6 million in the second quarter ended June 30, compared with estimates of US$558.5 million, according to IBES data from Refinitiv.

Under Armour reported a bigger net loss of US$182.9 million, or 40 cents per share, in the quarter, compared with a loss of US$17.3 million, or 4 cents per share, a year earlier.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)

Source: Reuters

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