(Reuters) -Under Armour beat market expectations for first-quarter revenue on Tuesday, as discounts upheld demand for the sportswear maker's clothes and footwear.
Shares of the Baltimore, Maryland-based apparel firm rose about 2% in premarket trade.
Under Armour, like many other clothing brands, has offered steeper discounts to clear its bloated inventories by attracting budget-conscious customers that have otherwise cut back on non-essential purchases in the face of higher prices, rents and interest rates.
However, like rivals Nike and Adidas, the company has seen demand decline in North America, even as demand in China rebounds strongly.
Under Armour's Asia-Pacific sales rose 14% as demand bounced back in the region following the easing of pandemic-related restrictions, while its largest market, North America, recorded a 9% fall.
The apparel firm's quarterly revenue fell to $1.32 billion from $1.35 billion a year ago, but beat analysts' average estimate of $1.30 billion, according to Refinitiv data.
(Reporting by Juveria Tabassum and Granth Vanaik in Bengaluru; Editing by Milla Nissi)
