Under Armour posts surprise profit as cost pressures ease

Women's Under Armour HOVR Infinite Running Shoes. Under Armour has seen demand decline in North America, its largest market, though this has been partly offset by a strong rebound in China.

Clothing retailer Under Armour posted a surprise first-quarter profit and beat revenue estimates, as cost pressures eased while discounts upheld demand for the sportswear maker's clothes and footwear.

Under Armour, like many other clothing brands, has been offering steep discounts in a bid to clear its bloated inventories and attract budget-conscious customers that have otherwise cut back on non-essential purchases to cope with still-high inflation.