(Reuters) -Under Armour Inc beat Wall Street estimates for quarterly revenue on Friday, as the sportswear maker benefited from strong demand for its athletic wear and higher prices of its hoodies and leggings to counter inflation.
Athletic wear has become a major part of everyday fashion since the onset of the COVID-19 pandemic, helping Under Armour and its rivals Lululemon Athletica Inc and Nike Inc book outsized gains in sales.
Under Armour’s net revenue in North America increased 15% in the fourth quarter.
The company’s overall net revenue rose to $1.53 billion in the fourth quarter ended Dec. 31, from $1.40 billion, a year earlier. Analysts polled by Refinitiv were expecting $1.47 billion.
(Reporting by Ananya Mariam Rajesh and Praveen Paramasivam in Bengaluru; Editing by Amy Caren Daniel)
