NEW YORK, NY / ACCESSWIRE / November 9, 2018 / Under Armour shares were slightly up in Thursday’s session. The company has been making headlines for reportedly paying for employees’ strip club visits in the past. Shares of Crocs were exploding to a new high after reporting strong third quarter results.
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Under Armour, Inc.
Under Armour, Inc. shares closed up very modestly on Thursday on around 2.7 million shares traded. The sport apparel and shoe company was recently featured in a WSJ article that said the company had reimbursed employees for visits to strip clubs until early 2018. "We have addressed these serious allegations of the past and will continue to address workplace behavior that violates our policies,” said a spokesperson for Under Armour to Quartz. “Inappropriate behavior that challenges our values or violates our policies is unacceptable—and will not be tolerated. We are committed to providing a respectful and inclusive workplace.” Separately the company is searching for a new human resources chief and has retained executive search firm Hanold Associates to find candidates for the position. Hanold has worked with Nike Inc. and Amazon.com Inc.
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Crocs, Inc. shares closed up 27.57% on about 7.6 million shares traded on Thursday. The stock soared to a new high of $28.20 after the shoe company reported strong third quarter results and raised its full-year guidance. For the quarter, the company reported revenue of $261.1 million, a growth of 7.3% YOY. Net income was reported as $6.5 million, or 7 cents a share. In the year ago quarter the company had reported a loss of 3 cents a share. Analysts had been expecting a loss of 1 cent a share. Looking ahead, Crocs raised its full year guidance and now expects revenue to jump 4 to 5%. Andrew Rees, president and CEO, said on the company's earnings call, "We had one of the best third quarters in the last couple of years." The company has partnered with musician Post Malone, who has said, “If you like something, go get it. I wear Crocs everywhere from the bar to the stage and I felt it was the perfect collaboration to get together with Crocs and give the fans what they’ve been asking for.”
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