Under Armour will partner with Cal Ripken Jr. to become the official uniform provider for Ripken Baseball, extending the company's reach to young athletes. The agreement is to last 5 years and covers the 25 Ripken youth tournaments which draw 35,000 players.
UA announced that the company will launch its first running shoe line on Saturday. "We're dead set on becoming the world's No. 1 performance brand and running is a part of that," said Steve Battista, senior vice president of brand at Under Armour Inc. The new line will consist of six running shoes, priced between $85 and $120.
Faced with a challenging consumer market, Under Armour reported 2008 Q4 income fell to $8.3 million from $16.9 million in 2007.
The cubs filed a lawsuit in Illinois alleging that Under Armour breached a five year sponsorship contract worth $10.8 million.
Under Armour provided guidance for fourth-quarter earnings in the range of 16 cents to 18 cents a share, compared with the profit of 49 cents a share that analysts polled by Reuters have anticipated. The lower earnings reflect weak retail spending amid the 2008 recession.
Under Armour launched their first line of running shoes.
UA announced that it will launch its line of running shoes during Super Bowl weekend 2009, in a move to further diversify its business into athletic footwear.
UA reported a 28% increase in net income in Q3 2008, driven primarily by a 26.5% increase in sales as the company continues its rampant expansion.
Q2 sales increased 30% from a year earlier, primarily because of a successful launch of its performance training footwear. However, the company's net income decreased to $1.4 million from $5.7 million a year earlier.
UA releases its first quater report for 2008. The apparel unit exibited 25% in earnings growth for Q1 2008, however inventory has increased quarter on quarter, by $1.8 million.
In the early trading hours, Under Armour, Inc was trading at around 50 times analysts' 2008 earnings estimate of $1.31 a share, becoming a very ‘pricey stock’
Net income at Under Armour more than doubled, to 11 cents a share from 5 cents a share in the year ago quarter.
Speculation hit message boards that Nike is planning an offer for Under Armour at a substantial premium to the market price
