Under Armour's investment spend should support brand equity despite near-term margin pressure.
Narrow-moat Under Armour continued the previous quarters' trend of muted North American growth offset by strong growth in its international segment (26% of revenue). Inventory management was the key story during the quarter, tying in with our long-term thesis that Under Armour will become more operationally efficient as it moves through its restructuring program. Inventory levels grew at an 11% rate compared with the previous quarter’s growth of 27%. We contend that inventory control is a key as...
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