BALTIMORE (AP) -- Under Armour Inc.'s fourth-quarter profit rose 42 percent partly on the strength of its shoe and direct-to-consumer sales and taking its previously licensed hats and bags segment in house.
But the athletic clothing and footwear company also cut its 2012 revenue forecast on Thursday.
Its stock fell $1.06, or 1.4 percent, to $76.430 in morning trading.
Under Armour reported net income rose to $32.6 million, or 62 cents per share in the quarter ended Dec. 31 from $22.9 million, or 44 cents per share, a year earlier.
The performance beat the 60 cents per share that analysts surveyed by FactSet expected.
Revenue climbed 34 percent to $403.1 million from $301.2 million. Wall Street forecast revenue of $402 million.
Accessories revenue more than doubled to $37 million because Under Armour took the business in house. Footwear revenue rose 43 percent to $31 million, while direct-to-consumer revenue — which made up 38 percent of total revenue — increased 50 percent. Clothing revenue rose 27 percent on strong sales of fleece items and the expansion of its Charged Cotton goods.
For the year, net income climbed to $96.9 million, or $1.85 per share, from $68.5 million, or $1.34 per share, in the prior year.
Annual revenue increased 39 percent to $1.47 billion from $1.06 billion.
Under Armour now expects 2012 revenue growth at the low end of its 20 percent to 25 percent long-term target. Its previous guidance was for results to come in at the higher end of its long-term growth target.
The Baltimore company still expects operating income growth at the high end of the projected 20 percent to 25 percent range.
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