- Under Armour Inc (NYSE:UAA) reported first-quarter FY23 sales of $1.349 billion, marginally missing the consensus of $1.35 billion.
- Wholesale revenue increased 3% Y/Y to $792 million, and direct-to-consumer revenue fell 7.1% to $521 million.
- Apparel revenue fell 0.7% Y/Y, Footwear climbed 1.3%, while Accessories revenue decreased 13.2%.
- The gross profit fell 5.8% Y/Y to $630.2 million, and the gross margin contracted 280 basis points Y/Y to 46.7%.
- The operating margin contracted 640 basis points to 2.6%, and operating income for the quarter declined 71.5% to $34.5 million.
- The company held $1 billion in cash and equivalents as of June 30, 2022. Cash provided by operating activities for the quarter totaled $87.5 million versus $252.8 million a year ago.
- Adjusted EPS of $0.03 missed the analyst consensus of $0.04.
- Inventory increased 8% to $954 million.
- Outlook: Under Armour affirmed its previous expectation for 5% – 7% revenue growth.
- The company reduced its FY23 adjusted EPS outlook to $0.47 – $0.53 from the prior view of $0.63 – $0.68, against the consensus of $0.67.
- Price Action: UAA shares are trading higher by 4.57% at $9.62 on the last check Wednesday.
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Red Cat Holdings And 2 Other Penny Stocks Insiders Are Aggressively Buying
The Dow Jones settled higher by around 175 points on Friday. Investors, meanwhile, focused on some notable insider trades.
When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
