NEW YORK, NY / ACCESSWIRE / October 31, 2018 / It was a day of big gains for Under Armour on Tuesday as the company reported financial results for the third quarter that beat on both the top and bottom line. Shares of rival Nike also saw gains and seemed little affected by Under Armour’s impressive quarter.
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Under Armour, Inc.
NIKE, Inc. shares were up 3.21% at the close yesterday on nearly 9.5 million shares traded. Nike shares looked little affected by rival Under Armour reporting stellar quarterly results. Traders may have been encouraged by positive remarks about Nike from managing director of GlobalData Retail Neil Saunders who wrote in a note, "[T]here has been a slowdown in both the athleisure and sports markets, which has affected many retailers and brands." He added, “Footwear has been a particular area of challenge and here we believe that Under Armour has lost significant market share to Nike, which has been more innovative and focused with its product strategy." In other news, Nike’s 3D-Printed Vaporfly Elite Flyprint is releasing soon.
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Under Armour, Inc. shares closed up 24.75% on Tuesday with almost 12.5 million shares traded. The athletic apparel company saw its shares skyrocket after it reported strong third quarter financial results and raised its guidance for the full year. For the third quarter, revenue jumped 2.4% to $1.443 billion while analysts were waiting for $1.42 billion. Net income soared 40% to $75.3 million, or 17 cents a share. Earnings adjusted were 25 cents a share. Analysts had been expecting 12 cents. The company's Chairman and CEO Kevin Plank remarked, "As we work through this chapter, we are staying sharply focused on our brand by connecting even more deeply with our consumers while delivering industry-leading, innovative products
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