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Under Armour should return to profitable growth in the next year

Moody’s Corp. expects Under Armour Inc. to return to profitable growth in the next 12-to-18 months, the credit rating agency said in a Friday note.

But first, the athletic gear company must work through high inventory and bring its cost structure into line with the lower sales it should now expect. Analysts led by Michael Zuccaro think the brand still has global relevance and strength in its direct-to-consumer channel.

Under Armour UAA, +0.12% sales were growing 20%-plus until two years ago, but sales slowed to 3.1% growth last year, due largely to problems in its largest market, North America.

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