Under Armour Reports Eighth Consecutive Quarter of More Than 20% Revenue Growth

Under Armour

, the sports apparel company, increased net income 20.7% for the first quarter as revenue rose by more than 22% across all product categories. Under Armour earned $14.7 million in the quarter, 28 cents per share, up from $12.1 million, 23 cents per share, a year earlier. The Baltimore, Maryland-based manufacturer reported net revenue of $348 million, compared to predicated revenue of $356 billion and earnings per share of 12 cents, according to analysts surveyed by Thomson Reuters. Net revenue from apparel increased 22.9%, footwear increased 23.8% and accessories increased 25.9%. This is the eighth consecutive quarter of more than 20% revenue growth. "Our ability to bring meaningful innovation to the athlete accelerated this past quarter. In addition to introducing new technologies like ColdBlack and Armour Bra, we enhanced our fit profiles in key Women's categories,” said Chairman, Chief Executive Officer and President Kevin Plank in a press release issued today. “As we look at the rest of 2012, we will continue to emphasize innovation and design throughout our product spectrum." Gross margin decreased from 46.4% to 45.6% in the quarter as margins declined for North American apparel and accessories. Under Armour rose its guidance for operating income to a range of $203 million to $205 million, 25% to 26% higher than last year, from the less-than 25% increase the company earlier predicted. The company anticipates net revenue between $1.78 and $1.80 billion, unchanged from its earlier estimates. Nike

, which uses a different reporting calendar; also saw a jump in revenue for the quarter ending Feb. 29. Revenue for the Beaverton, Oregon-based athletic apparel manufacture rose 15% to $5.8 billion. Net income was $560 million and earnings per share were $1.20. Margins for Nike also decreased, to 43.8%, due to higher product cost even as the company rose prices, it said in a statement released March 22.