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Under Armour stock rallies after profit matches estimates, while full-year outlook was cut
Shares of Under Armour Inc. rallied 3.0% in premarket trading Wednesday, after the athletic apparel and gear company matched fiscal first-quarter profit expectations and topped on revenue, but cut its full-year earnings outlook amid continued gross margin contraction. Net income for the quarter to June 30 dropped to $7.68 million, or 2 cents a share, from $59.2 million, or 13 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 3 cents equaled the F
