Under Armour, Inc. (UA, Financial), a manufacturer, marketer, and distributor of performance apparel, declined 13.1% in the fourth quarter, although it performed well for the year. Sales were weaker in the most recent reporting period despite initiatives in women's products and footwear. Investors were concerned about the Christmas season, and some observed discounting at key distributors.We believe margins will remain strong due to good inventory control. (Michael Baron)
From Baron Funds' fourth quarter letter.
From Baron Funds' fourth quarter letter.
