In the Saga Partners Investor Letter sent out this week, we provided an update to our investment in Under Armour ([[UA]], [[UAA]]). Below is the excerpt from the recent letter.
Source: FactSet Research Systems, Inc.
Sales and operating income grew a respective 4% and 14% in 2018 and are expected to grow a respective 3% and 30% in 2019. Operating income peaked in 2016 at $417 million and is still recovering from the 2017 headwinds and subsequent restructuring plan.
Under Armour’s key advantage is its brand. It can be difficult to distinguish between an enduring