Under Armour Posts Surprise Profit on Easing Cost Pressures

Under Armour posted a surprise first-quarter profit and beat sales expectations on Tuesday, as cost pressures eased and higher 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 consumers that have cut back on non-essential purchases amid still high inflation.

That hit…