Under Armour raises annual forecast as reopening of economies lifts demand

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An Under Armour sign is seen outside a store in Chicago, Illinois, U.S., October 25, 2016. REUTERS/Jim Young

Under Armour Inc (UAA.N) raised its expectations for annual profit and sales on Tuesday, after reporting a 35% jump in revenue as the reopening of economies in the United States and Asia fueled demand for the company’s sports shoes and apparel.

The rollout of COVID-19 vaccines and new rounds of government stimulus lifted consumer confidence for discretionary spending this year, helping Under Armour post a 32% increase in quarterly revenue from North America.

Revenue from the company’s international segment surged 58%.

Under Armour said it would spend more on marketing its brand, stores and website, to take advantage of recovering markets, including North America, China and Germany.

It expects marketing and incentive compensations to make up about three quarters of the increase in costs this year.

Still, the sportswear maker lifted its full-year…

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