Shares of athletic apparel company Under Armour, Inc. (UA, Financial) fell in the fourth quarter. While the company reported another strong quarter of top line sales growth, some macro headwinds, investments, higher costs, and a product mix shift led to a temporary slowdown in income growth. Additionally, unseasonably warm weather during the important holiday season raised concerns around softer sales and discounting. (Michael Baron)
From Ron Baron (Trades, Portfolio)'s Growth Fund fourth quarter shareholder letter.
