Under Armour stock leapt Tuesday after the Baltimore-based athletic brand reported sales and profits that beat expectations and said its turnaround plan is working.
Its shares rose nearly 7 percent to close at $22.21 each in the day’s trading.
The company is entering its third year of a restructuring aimed at stabilizing business and reversing a slide in sales.
“In total, 2018 was a productive, evolutionary year for Under Armour, one that we delivered against our plan, made great strides forward in our transformation,” Kevin Plank, Under Armour’s chairman and CEO, said during a conference call. “We’re back on offense … first and foremost it starts and it ends with the...