Executive Summary

• Under Armour reported 1Q19 sales of $1.20 billion, ahead of the consensus estimate of $1.18 billion, and EPS of $0.05, beating the consensus estimate of $0.00. 
• Gross margin expanded to 45.2%, up 100 basis points year over year, ahead of the 45.1% consensus estimate, driven by regional mix, product cost improvements and prior period restructuring charges.
• For FY19, the company updated its guidance: It maintained revenue growth at 3-4% but raised EPS guidance from $0.31-0.33 to $0.33-0.34.