Beating Low Expectations Isn’t Enough for Under Armour

Expectations for Under Armour were dismal. So investors shouldn’t give the Baltimore-based sportswear maker too much credit for exceeding them.

The grim outlook was set last quarter when Under Armour reported its first quarterly sales decline since going public in 2005 and lowered its guidance for fiscal year 2017. Shares tumbled. But after reporting earnings on Tuesday morning, they climbed 18%, recouping that loss.

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