Footwear lets Under Armour down
Sports apparel and footwear company Under Armour has posted higher revenues and income for the second quarter ended June 30, although it's recent moves to increase its footwear sales seem not to have worked as well as it had hoped.
Overall revenues increased by 5.1% during the quarter to $164.6 million, compared with $156.7 million in the second quarter of 2008. Net income rose 4.7% year-on-year to $1.4 million. However, footwear revenues fell to $37.5 million compared with $46 million.
Under Armour management said there was a learning curve to the shoe category, but said it remains a long-term growth category for its business.