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Under Armour Inc's (NYSE: UA) earnings report sent the stock tumbling more than 12 percent despite the company reporting a top-and-bottom-line beat and reaffirming its prior full year 2016 sales and operating income guidance.
Lindsay Drucker Mann of Goldman Sachs pointed out several concerning financial metrics and trends, which prompted the heavy selling.
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Here are the analyst's key points:
- A 29 percent growth in direct-to-consumer sales was consistent with last quarter's 28 percent gain, but on a modestly easier year-over-year comparison.
- The 19 percent growth in wholesale revenue marks a material slowing from last quarter's 27 percent gain.
- North American sales rose just 16 percent in the quarter compared to a 21.5 percent growth last quarter.
- International sales rose 80 percent (excluding foreign exchange) and accelerated from last quarter's 72 percent growth.
- Sales of footwear slowed to 42 percent growth from 58 percent last quarter and the analyst was "surprised" as she expecting at least a 50 percent growth.
- Apparel sales rose 18 percent, which exceeded the analyst's 13 percent expectation.
Drucker Mann also pointed out that Under Armour's 130 basis point year-over-year decline in margins was much weaker than expected and came in 100 basis points below consensus estimates and erased $0.02 per share in the company's reported earnings.
Bottom line, the company will update investors on its long-term growth initiatives during its conference call. However, the analyst's "conversations into earnings indicated many have been looking for UA to reduce targets."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.