Under Armour reported its latest quarterly financial results, showing a 10% decline in revenue to $1.2 billion. Despite this, the company posted a surprise adjusted profit of $0.01 per share, attributed to leaner inventory and higher margins. The net loss for the quarter was $305 million, although adjusted net income was $4 million. Under Armour's shares rose significantly, by as much as 17%, as the results exceeded analysts' expectations. The company's leadership changes and turnaround efforts appear to be yielding positive early results. Despite the positive surprise, Under Armour maintains its guidance that full-year revenue will decline at a low double-digit percentage rate. Gross margin increased by 110 basis points.