UAA - Under Armour +7% after blasting past Q3 estimates posting better guidance

Under Armour ([[UA]], [[UAA]]) reports wholesale revenue was flat in Q3 at $1.4B and apparel revenue fell 6% to $927M vs. $801M consensus. Revenue from North America was down 5% to $963M and international revenue fell off 18% to $433M. Gross margin decreased 40 bps Y/Y to 47.9% of sales vs. 46.0% consensus, driven primarily by negative impacts from COVID-19 related discounting and product mix partially offset by supply chain efficiencies and channel mix. CEO update: "Our third-quarter results reflect considerably better than expected performance due to higher demand and our strong execution, especially in North America... We believe that the critical mass of our transformational challenges is behind us, and we remain sharply focused on operational improvements and financial discipline to accelerate strategies to create sustainable, long-term growth for the Under Armour brand and our shareholders." Looking ahead, Under Armour expects full-year revenue to be down at high-teen percentage

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Under Armour +7% after blasting past Q3 estimates, posting better guidance