Under Armour's Fourth Quarter Provides Stability to Story; Shares Undervalued
Narrow-moat Under Armour closed its books on fiscal 2017 offering investors more stability toward the firm’s transformation into a larger sporting goods company. Revenue for the fourth quarter was up 4% (currency neutral), driven by a 1% decline in wholesale but offset by direct-to-consumer (DTC) growing 11%, which places the firm above our full-year 2.4% consolidated top-line estimate. Further, it outlined fiscal 2018 guidance, which offered a low-single-digit increase to sales (mid-single-digi...
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