UPDATE 4-Under Armour shares surge as turnaround efforts take hold [Reuters]
Nike, Inc. (NKE)
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Source: Reuters
Under Armour shares surge as turnaround efforts take hold | Reuters 3 Min Read (Reuters) - Under Armour Inc’s ( UA.N ) ( UAA.N ) shares surged 25 percent on Tuesday after the sportswear maker’s upbeat quarterly earnings and full-year profit forecast underscored the success of its multi-year plan to lower costs and reduce bloated inventory. The third-largest sportswear maker in the United States has closed stores, cut jobs and rolled back promotions to bolster profit margins as it tries to recover from a bruising fight for market share with bigger rivals Nike Inc ( NKE.N ) and Adidas AG ( ADSGn.DE ). The surge in shares reflect investors’ confidence in the company’s turnaround as well as its expansion in international markets to offset weakness in the United States, where it had fallen behind rivals in the past two years. The company said on Tuesday it had cut total merchandise by about 1 percent in the quarter, as it deals with excess inventory stemming from 2017 when it expec
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