Under Armour soars 23% with Stephen Curry

Shares of Under Armour (UA) soared Thursday after the athletic apparel firm reported higher earnings powered in part by the popularity of NBA superstar Stephen Curry.

The Baltimore-based company's stock closed 22.59% or $15.49 per share higher at $84.07. The one-day gain helped reverse part of a more than 33% decline since Under Armour shares reached a recent high of $103.35 on Oct. 12.

While topping Wall Street's estimates for fourth-quarter earnings, Under Armour said one of the biggest growth drivers during the three-month period was a 95% increase in footwear sales, primarily from "the success of the Curry signature basketball line" and expanded running shoe offerings.

Curry, the NBA's 2014-15 most valuable player and wildly popular guard of the champion Golden State Warriors, in September extended his Under Armour basketball shoe contract through the 2024 season.

In all, Under Armour's fourth-quarter footwear sales totaled $166.88 million, nearly doubling the $85.8 million for the same period last year. Apparel sales rose 22.2% to $864.8 million, and sales of accessories increased 23%, to $97.1 million, Under Armour said.

The company reported diluted fourth-quarter earnings per share of 48 cents, up from 40 cents during the same period last year and above the 46-cent estimate consensus forecast of financial analysts surveyed by S&P Capital IQ.

Under Armour said net revenue for the Oct.-Dec. period totaled $1.17 billion, up 31% from the $895 million reported in 2014.

The company also issued an upbeat 2016 financial forecast, saying it expects net revenue of approximately $4.95 billion for the year. The estimate is in line with the financial targets outlined at Under Armour's investor day in September and represents 25% growth over 2015.

Along with growth in the company's footwear and sports apparel lines, Under Armour said it ended 2015 with nearly 160 million unique registered users in its online Connected Fitness business. At this month's Consumer Electronics Show, Under Armour launched the company's new UA Record, which the company bills as "the digital dashboard app for your health and fitness.

Under Armour, which gained popularity by producing improved performance fabrics for both athletes and average consumers, will celebrate the company's 20th anniversary in 2016, Chairman and CEO Kevin Plank said in a statement issued with the quarterly earnings results.

"Our core business remains incredibly strong and our 31% net revenue growth in the fourth quarter is clear evidence of the continued expansion in the breadth and depth of our brand," said Plank.