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Under Armour Raises Annual Profit Forecast on Cost-savings Plan

FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo
FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo
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Under Armour Raises Annual Profit Forecast on Cost-savings Plan

FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo
FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo

Sportswear maker Under Armour raised its annual profit forecast on Thursday, betting on its cost-saving strategy and efforts to sell more clothing and shoes at full price.

Shares of the company rose 6.3% in premarket trading.

Following several quarters of poor results, Under Armour founder Kevin Plank returned as CEO to reset the business and has been reducing headcount and cutting down on inventory of some products.

The company is also aiming to cut back on promotions and sell apparel and footwear at full prices.
It now expects annual adjusted per-share profit of between 24 cents and 27 cents, compared with its prior forecast of 19 cents to 21 cents.

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Fashion

Puma Reports Q3 Sales Increase on Rising Running and Soccer Shoes Demand

The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)
The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)
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Puma Reports Q3 Sales Increase on Rising Running and Soccer Shoes Demand

The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)
The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)

German sportswear maker Puma on Wednesday reported a 5% rise in currency-adjusted sales for the third quarter as it sold more running and soccer shoes.

Quarterly currency-adjusted sales rose to 2.31 billion euros ($2.48 billion), broadly stable from a year earlier but short of the 2.36 billion euros expected by analysts, according to LSEG data, as negative effects from foreign exchange rates continued to weigh on the business.

Footwear sales were up 9.3%.

Demand for the recently relaunched Formula 1-inspired "Speedcat" shoe was strong, CEO Arne Freundt said in a statement.

The company confirmed its full-year outlook for currency adjusted revenue in mid single-digit percentage, and core profit (EBIT) of between 620 million to 670 million euros, citing a strong order book for the remainder of the year.