(Filed Under Financial and General Interest News). Activewear producer Under Armour, Inc. reported stronger-than-expected results for the third quarter ended Sept. 30, 2011, including a net revenue increase of 42 percent to $466 million, compared with $329 million in the prior year’s period.
Net income rose 32 percent to $46 million, compared with $35 million in the third quarter of 2010. Direct-to-consumer net revenues represented 22 percent of total net revenues for the quarter and grew 73 percent year-over-year. Net revenues from accessories increased 211 percent, from $13 million to $40 million, driven by 2011’s transition of Under Armour’s hats and bags from licensed deals to in-house production and marketing.
"Our brand continues to evolve and reach a broader range of consumers, and we believe we are still just scratching the surface of the brand’s global potential," said Under Armour C.E.O. and chairman Kevin Plank.
The Baltimore-based company has raised its full-year guidance, now anticipating 2011 sales of between $1.46 billion and $1.47 billion, up from a range of $1.42 billion to $1.44 billion.
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