Jim Cramer: Relax! Under Armour is Fine

Shares of Under Armour (UA) - Get Report may be seeing pressure after the apparel-maker's rare earnings miss, but the company is doing just fine, says TheStreet's Jim Cramer. Earnings, adjusted for one-time items, at the athletic-wear seller came in at $0.01 a share, narrowly missing Wall Street forecasts for $0.03 a share. Under Armour said it was hurt by $0.03 a share from liquidation sales at the now defunct Sports Authority. Under Armour continued to see strong sales gains in apparel, footwear and accessories despite a sluggish backdrop for consumer spending during the second-quarter. Sales growth was led by a 58 percent year-over-year increase for footwear, which continued to be fueled by solid interest in NBA star and Under Armour spokesman Stephen Curry's basketball sneakers.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.