Under Armour up 10% following better than feared first quarter results
- Under Armour is up 10% after reporting Q1 results above guidance. Sales grew 6.7% vs. mid-single digit guidance while gross margin contracted 70 bps vs. -100 bps guidance. The company also reaffirmed its FY17 outlook. Investors were concerned about a weak Q1 amid the tough retail environment after the company missed fourth quarter estimates. 14% of the float is sold short. Peer/competitor NIKE (NKE) is indicated slightly higher.