Under Armor posted quarterly earnings and sales on Tuesday surpassing analysts' expectations thanks to an increase in overseas sales as the sneaker maker continues to struggle to grow its business in the US
The Baltimore-based retailer reported net income of $ 75.3 million, or 17 cents per share, from $ 54.2 million, or 12 cents a share, a year ago.
Excluding one-time items, Under Armor earned 25 cents a share, ahead of the 12 cents a share expected by analysts surveyed by Refinitiv.
Net Sales increased 2.4 percent to $ 1.44 billion, exceeding expectations of $ 1.42 billion.
In North America, Under Armor announced that quarterly revenue fell 2 percent to $ 1.1 billion. Abroad, revenue grew 15 percent to $ 351 million and now accounts for 24 percent of total revenue, according to the company. The strongest segment was Latin America, followed by Europe, the Middle East and Africa, and the Asia-Pacific region.
Apparel sales increased 4 percent, with footwear and accessory sales down 6 percent, according to Under Armor.
Looking ahead to 2018, Under Armor now expects to gain between 19 and 22 cents per share, up from 16 to 19 cents a share from an earlier outlook.
The company will call analysts ET at 8:30 to discuss its quarterly results.