Under Armour continues to beat Nike in a battle for the biggest share of the pie in athletic footwear sales.
In the week that ended on Nov. 7, the Baltimore-based sportswear company has managed to generate 155.1 percent more sales compared to a similar period last year, the Investors Business Daily reveals.
The analysis came from Deutsche Bank analyst Dave Weiner, who based his findings on data gathered by market researcher SportScanInfo.
The huge increase in sales by Under Armour was greatly "buoyed by strong sales of its Curry 2 basketball shoe," according to Weiner. Also helping Under Armour's cause is their "big-name athletic endorsements and continued product expansion in athletic shoes across the running, basketball and training categories," the Investors Business Daily reported in an earlier article.
In the previous week that ended On Oct. 31, Under Armour outperformed Nike and scored 130.5 percent increase in athletic footwear sales compared with what they generated a year earlier during the same period.
Under Armour has performed exceptionally well for a sneaker company that has only 10 years in the business against more established and more recognizable rivals, the Wall Street Journal reports. However, the company's volatile share still makes the investors worry about the company's stability.
"This demonstrates the miles of runway in front of us for growth in this one category alone," Under Armour's Chief Executive Kevin Plank said.
The company has recently announced its plan of raising their revenue to $7.5 billion over the next three years, a plausible feat considering that in the third quarter this year, footwear sales surged up to 61 percent, or around $196 million, while apparel sales scaled to 23 percent higher, which is worth $865.5 million.
Under Armour's Curry 2 is the company's bestselling sneaker at the moment. Currently, it ranked #2 last week behind Nike's Jordan Retro 8, and #3 overall across all athletic footwear categories.