UPDATE: Under Armour Posts Upbeat Q1 Profit, Lifts Full-Year Forecast

Under Armour

reported a 47% drop in its first-quarter earnings. Under Armour lifted its full-year revenue forecast to $2.21 billion to $2.23 billion, versus its January view of $2.2 billion to $2.22 billion. Under Armour's quarterly profit fell to $7.8 million, or $0.07 per share, versus $14.7 million, or $0.14 per share, in the year-ago period. Its revenue rose 23% to $471.61 million. However, analysts were expecting earnings of $0.03 per share on revenue of $468 million Its gross margin widened to 45.9% from 45.6% Under Armour shares closed at $55.67 yesterday.