We Think No-Moat Under Armour Will Struggle to Carve Out an Edge in Global Markets
No-moat Under Armour exceeded expectations in the first quarter of 2019 as EPS of $0.05 beat our breakeven forecast. Under Armour’s first-quarter North America sales decline of 2.8% was better than our forecast of a 6.0% decline. We think, though, Under Armour continues to underperform market activewear growth of about 3% to 5% as its performance apparel continues to lose share to athleisure. Under Armour’s international sales of $328 million nearly matched our forecast of $331 million. While we...
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