While management tempered future guidance, Under Armour is still growing. It appears to be shifting from a hyper-growth company to more mature growth company.
Under Armour's further penetration into footwear has played a major role in the excitement of the company's future prospects, with footwear sales are expected to approach $1 billion this year. In the third quarter, footwear sales increased 42 percent year-over-year to $279 million.
On Wednesday, Under Armour announced another shoe launch, following up the Curry 3 release with a lifestyle shoe, the Under Armour Primo.
Primo translates to "first," signifying the top quality of the shoe. It combines Under Armour's familiar midsole with premium leather and a waxed canvas upper. The shoe will launch nationwide in early November for $150 at boutiques only.
Despite the excitement surrounding a new release, ESPN's Darren Rovell was less than impressed, telling Benzinga his response to the Primo was "don't love."
The Primo is likely to be just the first of many new lifestyle shoes to expand Under Armour's footwear line beyond basketball and running.
Image Source: Provided by and used with explicit permission from Under Armour.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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