Claire VearesShares in sportswear company Under Armour rose 16% after fourth-quarter sales beat expectations.
Revenue for the fourth quarter was up 5% to $1.37bn, higher than analysts were expecting. Sales in international markets were up 47%, accounting for almost a quarter of total sales.
The company reported a net loss of $88m or $0.20 a share, compared with net income of $103m a year ago. The company took a hit of $39m in the period due to new US tax rules.
"After years of rapid growth and building a globally recognized brand, the dynamic landscape of 2017 was a catalyst for us to begin strategically transforming Under Armour into an operationally excellent company." said Under Armour chairman and CEO Kevin Plank.
"A year into this journey, our fourth-quarter and full-year results demonstrate that the tough decisions we're making are generating the stability necessary to create a more consistent and predictable path to deliver long-term value to our shareholders."
