Updated from 2:04 p.m. EDT.
beat first-quarter expectations, benefiting from the launch of new running shoes.
Shares of the company were up 13% to $24.44 in afternoon trading.
The company, known for fabrics that draw sweat away from the body, said profit grew 38% to $4 million, or 8 cents a share, from $2.9 million, or 6 cents, last year. Analysts expected earnings of 3 cents a share.
In an effort to expand their product offerings and compete with rival
, Under Armour rolled out running shoes earlier this year.
Sales received a 27% boost to $200 million. Footwear revenue shot up to $56.9 million from $16.6 million, driven by demand for the new running shoe, as well as the non-cleated Performance Training shoe launched last year. Last week Under Armour announced a partnership with baseball Hall of Famer Cal Ripken, Jr.
The company, like most apparel retailers, remains cautious going forward, but did not provide forecast.
While Under Armour's earnings were strong, Jim Cramer today said he would
purchase shares of Nike instead, citing that company's brand recognition, product innovation and strong balance sheet.
said it expects 2009 sales to decline by a percentage in the low double-digits and as a result was downgraded to negative from neutral by a Susquehanna Financial Group analyst.
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