Under Armour (UAA) (NYSE:UA) has faced fundamental issues on several fronts for a while, and the recent results didn’t show any improvements on those fronts. The management is proud of some improvements achieved recently, but the reality is that the main fundamental problems seem to be as evident as before.

Global revenue was up 6.1%, driven by a 17% increase in the direct consumer business and a 27% increase in the international business. Although it indicated a slight acceleration from the 4.6% growth delivered in Q4 2017, we have to consider that results were helped by easier comparisons with Q1 2017, when sales were already showing some weakness and grew only 6.6% compared to the previous year. On a 2-year stacked basis, we can actually say the growth rate has declined, which may indicate a further deterioration in the underlying trend.

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