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Under Armour reports 21 percent increase in profit

Sports apparel maker Under Armour reported Friday a 21 percent increase in first quarter earnings.

Net income for the three months ending March 31 was $14.6 million, or 28 cents per share, compared with $12 million, or 23 cents per share, in the corresponding period a year ago.

Revenue rose 23 percent to $384 million, from $313 million a year ago. Sales were boosted by men's, women's and youth apparel and new products, the Baltimore company said.

The company also updated its earnings guidance for this year. Under Armour expects revenue growth in the range of $1.78 billion to $1.8 billion, or a 21 percent to 22 percent increase from a year earlier.

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