Sporting goods company Under Armour has posted a 28.1% jump in third quarter profit helped by higher sales, but has lowered its revenue outlook for the year based on the current economic climate.  

Net income increased to US$25.7m from $20.0m in the same period last year.

The company's net revenues rose 24.1% to $231.9m. Apparel net revenues for were up 19.0% to $201.1m from $169.0m, the company said.

Its women's business achieved the strongest growth during the quarter, increasing 27.5% to $50.3m.

Footwear revenues increased to $13.1m from $2.2m, primarily driven by performance training footwear, which launched during the second quarter of 2008.

Gross margin for the third quarter of 2008 rose to 51.0% from 50.6% last time.

Selling, general and administrative expenses were 31.0% of net revenues in the third quarter of 2008 compared with 32.5% in the prior year.

For the first nine months of 2008, net revenues increased 26.5% to $546.0m but net income fell 16.2% to $29.9m from $35.7m.

"Delivering 24% top line growth in the third quarter is a testament to our growth strategy and our connection with the athletes of this generation," said Kevin Plank, chairman and CEO of Under Armour.

"By maintaining our focus on delivering the most compelling technical products to our consumer, we not only strengthen our connection with them but build the foundation to enter new markets."

The company added that despite strong results for the first nine months of the year, it was revising its 2008 outlook based on the current economic environment - to revenues of $750m to $765m, an increase of 24% to 26% over 2007.

This compares to previously anticipated 2008 net revenues in the range of $765m to $775m.