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Under Armour Inc
Under Armour Inc. (UA), the maker of athletic apparel and shoes, advanced after raising its annual sales and profit forecasts amid increased demand.
The shares rose (UA) 5.6 percent to $51.08 at 8 a.m. in New York. Under Armour had gained 35 percent this year through yesterday.
Sales for 2012 will be as much as $1.82 billion compared to a previous forecast of a maximum of $1.8 billion, the Baltimore- based company said today in a statement. Analysts’ projected $1.81 billion, the average of estimates compiled by Bloomberg. Operating income may total as much as $207 million, up from a previous projection of as much as $205 million.
Second-quarter net income rose 6.8 percent to $6.67 million, or 6 cents a share, from $6.24 million, or 6 cents, a year earlier. Analysts projected 5 cents, the average of 27 estimates compiled by Bloomberg. Gross margin, or the percentage of sales left after cost of goods sold, declined to 45.9 percent from 46.3 percent a year ago.
Sales rose 27 percent $369.5 million in the quarter. Analysts projected (UA) $358.5 million.
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