UAA - Under Armour Non-GAAP EPS of $0.16 beats by $0.07 revenue of $1.58B beats by $30M

• Under Armour press release ( NYSE: UAA ): Q3 Non-GAAP EPS of $0.16 beats by $0.07 .
• Revenue of $1.58B (+3.3% Y/Y) beats by $30M .
• Wholesale revenue increased 7 percent to $820 million, and direct-to-consumer revenue decreased 1 percent to $715 million due to a 6 percent decline in owned and operated store revenue partially offset by a 7 percent increase in eCommerce revenue, which represented 45 percent of the total direct-to-consumer business during the quarter.

• Updated Fiscal 2023 Outlook

• Revenue growth is unchanged from the previous expectation of a low single-digit percentage rate increase on a reported basis, up at a mid-single-digit percentage rate on a currency-neutral basis.
• Gross margin is expected to decline at the higher end of the previously provided 375 to 425 basis point range.
• Selling, general & administrative expenses are now expected to be down at a low single-digit percentage rate against the prior year versus the previous expectation of "down slightly."
• Operating income remains unchanged from the previous outlook and is expected to reach $270 to $290 million. Excluding the company's litigation reserve, adjusted operating income is expected to reach $290 to $310 million.
• Diluted earnings per share is expected to be $0.71 to $0.75.  adjusted diluted earnings per share is now expected to be $0.52 to $0.56 versus the previously expected range of $0.44 to $0.48 vs. $0.46 consensus

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