Under Armour shares up 8% as Stephen Curry’s shoes prove to be a massive success

Stephen Curry massive shoe sales

Under Armour shares are up nearly 8% on Thursday after the company revealed the huge success of Stephen Curry basketball shoes.

The athletic apparel company reported a double-digit rise in revenues and profits during its first quarter, driven by huge growth in its shoe business.

Shares of the company, which are up 13% this year, jumped 9% to $48.23 in pre-market trading.

Under Armour Shares

Revenue at Under Armour has jumped 30% to $1.05 billion on analyst expectations of $1.02 billion.

The company’s incredible growth follows last quarter’s news that includes 31% year-over-year growth.

Shoe sales surged 64% to $264 million during the quarter.

The company says the “remarkable success” of the Stephen Curry line and a new line of golf shoes inspired by Jordan Spieth, helped fuel the company’s massive shoe growth.

Apparel sales also jumped 20% to $667 million, led by the popularity of training and golf clothes.

Accessory sales jumped by 26% to $80 million as consumers bought hats, headbands and bags from the apparel company.

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Net income jumped by an incredible 63% to $19 million, or four cents per share, up from $12 million, or three cents per share, in the same period a year ago. Analysts were expecting two cents per share.

Under Armour has pushed its full-year revenue outlook to $5 billion, up from $4.95 billion previously.

Written by John Howard

John Howard

John Howard is the Business Editor at BusinessPundit.com. He is an avid watcher of markets, a wallflower of retail, and a fan of disruptive businesses that utilize technology and unique ideas to form brilliant new ways of doing business.